A financial media outlet has appealed to one of cryptocurrency’s most vocal proponents Bitcoin BTC/USD. The interview saw an attempt to call out the guest for being an “evangelist” for Bitcoin, but instead turned haters into fans of the interviewee.
What happened: The Bitcoin bull and investment firm co-founder Morgan Creek Digital, Antoine Pompliano is well known for hosting podcasts, videos and having a newsletter devoted to world of cryptocurrency. He was invited on CNBC on Tuesday to share his thoughts on Sam Bankman Fried and the collapse of FTX FTT/USD and also what is the next step for bitcoin.
CNBC Host Scott Wapnerknown as “The Judge,” told Pompliano that one can do fundamental analysis for stocks but not for the cryptocurrency market, which Pompliano brushed off.
“I don’t believe that’s true. You can definitely do fundamental analysis,” Pompliano said. “There is a dislocation between price and fundamentals.”
Pompliano said that despite bitcoin falling 75% last year, 67% of bitcoin in circulation hasn’t budged in 12 months.
“We are witnessing the biggest battle of 2022 where it is Bitcoiners and HODLers against the macro environment.”
Pompliano said he bets on BItcoiners.
“Shopify and DoorDash are down 75% to 95%, down more than Bitcoin, if Bitcoin is so great, are we going to claim that Shopify is worthless, it’s over,” Pompliano asked at Shopify Inc. STORE and DoorDash Inc DASH.
Pompliano argued that Bitcoin is a decentralized peer-to-peer network with an excellent track record and that Bitcoiners are trying to “reintroduce timeless investment principles.”
Asked about the response to people’s criticisms now that the FTX events have happened, Pompliano said CNBC had scrolled through other investors who had stocks that underperformed Bitcoin.
“I believe Bitcoin over a long period of time will outperform a lot of other assets, I still believe that and I put my money where my mouth is.”
Pompliano on FTX, Sam Bankman-Fried: Pompliano said he hadn’t spoken to Sam Bankman-Fried recently, adding that the FTX event was shocking and surprising to many.
Pompliano said people were surprised at how resilient some assets were, given the collapse of the second-largest crypto platform.
“He was an actor who was not only regulated in some ways, but also engaged in Washington (DC) and with regulators,” Pompliano said.
Pompliano said he had a company that had money with FTX, had money on the platform, and had an advertising relationship with the company when asked about his relationship with it. .
Related link: Warren Buffett now owns Bitcoin, here’s how the Oracle of Omaha rose to prominence
On Buffett, Munger: One of the topics covered by Wapner was Legendary Investors warren buffet and Charlie Munger of Berkshire Hathaway Inc. BRKABRKB being against bitcoin.
Earlier on Tuesday, Munger said that Bitcoin was marked as fraud and was good for kidnappers, having previously called it “rat poison”. Wapner asked Pompliano if the two investors were right amid concerns about the industry.
“They don’t understand the technology,” Pomplinao said.
Pompliano said studies have shown that the US dollar is more widely used for money laundering than Bitcoin, but people want to have “headline-grabbing anti-Bitcoin statements.”
The Bitcoin investor said that buying large assets and holding them forever and averaging the dollar cost of large assets are two principles used by Buffett and Munger as well as Bitcoin HODLers.
“I believe that if Warren Buffett and Charlie Munger were between 25 and 35 years old today, they would be Bitcoiners. The difference, however, is that they did not have the opportunity to authorize the arrival of money based on decentralized software.
Pompliano said Bitcoin has outperformed the assets of Buffett and Munger over the past decade and both investors will continue to hate Bitcoin.
Others involved: After the interview aired, many criticized Wapner’s questions and showed their support for Pompliano whether they liked Bitcoin or not.
CNBC Host Jim Cramer tweeted that he was making a lot of money because Pompliano had challenged him to make “a lot of money”.
Cramer called Pompliano an “awesome guy” but said he had been turned into BlockFia company with great exposure at FTXof Pompliano.
“I love @Pomp, but he put me in BlockFi”, Cramer tweeted.
Pompliano fired back at Cramer that the CNBC host said he sold all of his cryptocurrency.
“LMAO Jimmy Chill!! You said you sold and bought a farm,” Pompliano tweeted.
Benzinga reported on Cramer changing his stance on cryptocurrency this year
bitcoin bear Peter Schiff tweeted in support of Pompliano, a rare occurrence.
“It is hypocritical for Scott Wapner to accuse Pompliano of pumping Bitcoin on CNBC when it was CNBC that gave him and other crypto pumpers constant free airtime to do the pumping” , Schiff said. tweeted.
Schiff too demand where the tough bitcoin questions were when the cryptocurrency hit new highs and a difference might have been made for investors.
“CNBC is more complicit in investor losses than Pomp.”
Co-host of Benzinga’s PreMarket Prep Denis Dick chimed on Twitter after watching the interview between Wapner and Pompliano.
“Great point from @APompliano. CNBC pumped Bitcoin relentlessly, and they don’t apologize for the downfall. So why should Pomp?”
Declaring a winner in the interview, Dick said “Pomp buried it.”
BTC Price Action: Bitcoin was up 1.4% at $16,788.84 at the time of writing and down 8.6% in the past seven days, according to data from Benzinga Pro.
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Photo by MoneyConf on Flickr