You should choose Bitcoin: The enthusiast and promoter, Anthony Pompliano, believes that it is just a matter of time when people will select this digital currency. He expressed clearly about the connection with the latest events in the world, like the problems with half-empty ATM’s in Hong Kong, or the scandal of thousands of frozen accounts in India. He said these are only a hint of what it could be inevitable.
But let’s start with his earlier exciting statement. During this summer, Pompliano predicted that the price for Bitcoin would get higher than $100,000 in 2021.
“Last August I predicted that Bitcoin would go to $3,000, where it will stay for some time, and then return to $10,000. And then, it actually happened. Now I think it will get to $100,000, but there will be more volatility: I would expect a parabolic course, as we saw in June. On the way to $100,000, a lot of people will be reporting that we are at maximum – but it won’t be true.”
Anthony Pompliano about digital currency
In 2013 he founded and became CEO of DigaForce. From 2014 to 2015, he worked for Facebook, where he worked as a product manager. He helped to launch several products on Facebook, such as AMBER Alerts and Voter Registration.
During 2015, he worked for Snapchat in the user growth and engagement team. In 2016, he founded Full Tilt Capital, an early-stage venture capital company. And then, during 2018, he co-founded Morgan Creek Digital Assets, which focuses on providing access to blockchain technology and digital assets.
India and Hong Kong in trouble
People who keep their money in a bank may have problems, especially if something happens. That’s why Pompliano believes that “People will tend to choose assets like Bitcoin that can not be manipulated, censored, or detected. So I think people will continue to slowly choose a currency that the government does not control.
In India, thousands of people are currently having difficulties withdrawing their savings from the bank. In many cases, this situation can even be life-threatening. Indeed, the Central Bank of India virtually banned withdrawals from PMC Bank, limiting withdrawals to the equivalent of $140 during the following six months. Of course, people don’t like it and some protest. But what can they do? Choose Bitcoin?
In Hong Kong, protests increase and capital flows out of the country. At this time, many people are withdrawing their money from banks. ATMs have long queues, and allegedly they are running out of money.
Bitcoin is not controlled, so why not choose this digital currency?
In the future, Bitcoin could reach more and more people precisely because it has no such problems. No institution can freeze balances, so people could prefer it in the future. Anthony Pompliano states that “Bitcoin brings a lot of value propositions to the table. Part of the beauty of Bitcoin is that it is valuable to different people for different reasons. If you are in a country where you are worried about someone who will confiscate your assets, Bitcoin’s lack of centralization suddenly becomes very appealing.” So why not to choose Bitcoin as your safe investment?
He also says that “If you fear that you live in an area where you are being censored, lack of centralization will become very attractive. If you are in a country where hyperinflation exists, now the inability to deprive someone from the currency becomes very attractive. So, cryptocurrencies will bring different kind of values to different groups of people.”
People in India, Hong Kong, Venezuela, and other places around the world have problems with fiat money. They sometimes cannot have access to these currencies because of the central bank issues. Or their currency has been affected by hyperinflation, and the government has banned its sale to a greater extent. Anthony Pompliano believes that these problems should eventually lead to people choosing Bitcoin themselves.
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