Anthony Pompliano recently went on CNBC to discuss the recent crypto crash. The founder of Morgan Creek Digital claimed that Bitcoin has “probably got a little bit more to fall”, but remained positive about its future.
Although things look bad right now, and Pomp admitted that a drop to $3000 isn’t unlikely, he pointed out that the asset class is still the best-performing one over the last 10 years. He said that Bitcoin is up 400 percent over the last two years, and it will always have fundamental value as the most secure payment layer.
I went on @SquawkCNBC to talk about Bitcoin and what people should understand about the recent price movements.
Key takeaway: Relax, everything is going to be ok.https://t.co/xZooAx2NfM
— Pomp 🌪 (@APompliano) November 26, 2018
When asked what differentiated BTC and other cryptos from similar bubbles in the past, Pomp pointed out that most investors during the most recent bull market wer retail. He believes that as the asset matures, and more infrastructure is put in place, institutional investment could pick up some of the slack from the first-time retail investors who are retreating in vast numbers.
As for his own investments in Bitcoin, Pomp claimed that his fund has been “pressing into it the whole way down”, apparently sticking to the ‘buy-the-dip’ mentality regardless of what happens in the short-term.