Pomp: Never Underestimate Mark Zuckerberg (Even With Crypto)
Anthony “Pomp” Pompliano has long been a diehard advocate for Bitcoin (BTC), and a fervent hater of banks, so many were surprised when he came out in support of the rumors that Facebook, a centralized company distrusted by many Bitcoiners, was foraying into crypto.
For those who missed the memo, just yesterday, as reported by Ethereum World News, Bloomberg divulged that the Menlo Park-based social media giant is looking to launch its own crypto asset. The early-stage project, unveiled by an anonymous source, will see Facebook’s blockchain arm aim to create a U.S. dollar-tied stablecoin on WhatsApp, a multinational messaging platform owned by the technology conglomerate. Per the source, the integration in WhatsApp will be aimed at India’s ~200 million users, as there is a growing need for low-cost, rapid, and easy-to-use remittance transactions.
As this news broke, some took the stablecoin rumors with boatloads of cynicism. Angus Crespigny, a New York-based crypto infrastructure builder, noted that Facebook’s foray into this space could directly devalue the words “crypto” and “blockchain.” Rob “Crypto Bobby” Paone, a growth advisor at AirSwap and well-known media personality, joked that decentralization — crypto’s underlying raison d’etre — will be truly encapsulated with a Facebook-led stablecoin. This sarcastic quip was echoed throughout the sardonic corners of the cryptocurrency community, as Facebook has recently been lambasted for its apparent inability to be responsible with consumer data.
Regardless, Pomp, who has gone to the ends of the Earth to laud cryptocurrencies and the value proposition they pose, claimed that consumers should “never underestimate Mark “Zuck” Zuckerberg. Explaining why he’s so bullish on the proposed product, the founder of Morgan Creek Digital and a former employee of Snapchat and Facebook noted that this isn’t just about crypto, rather, “building a globally dominant product that changes the way billions of people live their lives.”