A financial media outlet has attracted one of the cryptocurrency’s most vocal advocates Bitcoin BTC/USD. The interview saw an attempt to call out the host to be an “evangelist” for Bitcoin, but instead turned the haters into fans of the interviewee.
What happened: Bitcoin bull is the co-founder of the investment company Digital Morgan Creek, Antonio Pompliano it is well known for hosting podcasts, videos and having a newsletter dedicated to the cryptocurrency world. He was invited to CNBC on Tuesday to share his thoughts Sam Bankman-Fried and the collapse of FTX FTT/USD and also the future of Bitcoin.
CNBC presenter Scott Wapnerknown as “The Judge,” he told Pompliano that fundamental analysis can be done for stocks but not for the cryptocurrency market, something Pompliano brushed aside.
“I don’t think that’s true. You can definitely do fundamental analysis,” Pompliano said. “There is a mislocation between price and fundamentals.”
Pompliano said that while Bitcoin has dropped 75% in the past year, 67% of the Bitcoin in circulation hasn’t moved in 12 months.
“We are seeing the biggest battle of 2022 where it is Bitcoiners and HODLers versus the macro environment.”
Pompliano said he is betting on Bitcoiners.
“Shopify and DoorDash are down 75% to 95%, down more than Bitcoin. If Bitcoin is that great, we’ll argue that Shopify is now worthless, that it’s over,” Pompliano asked of Shopify Inc SHOP And DoorDash Inc DASH.
Pompliano said that Bitcoin is a decentralized peer-to-peer network with a great track record and that Bitcoiners are looking to “introduce timeless investment principles.”
Asked how to respond to people’s criticism now that the FTX events have occurred, Pompliano said CNBC has paraded other investors who have stocks that have underperformed Bitcoin.
“I believe that Bitcoin will outperform many other assets over a long period of time. I still believe that and I’m putting my money where my mouth is.”
Pompliano on FTX, Sam Bankman-Fried: Pompliano said he hasn’t spoken to Sam Bankman-Fried recently, adding that the FTX event was shocking and surprising to many.
Pompliano said people are surprised at how well some assets are holding up given the collapse of the second-largest cryptocurrency platform.
“This was a player who was not only regulated in some respects, but also engaged in Washington (DC) and with regulators,” Pompliano said.
Pompliano said he had a business 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 Gained Exposure
On Buffett, Munger: One of the topics Wapner brought up was legendary investors Warren Buffett And Charlie Munger from Berkshire Hathaway Inc BRKABRKB extension be against Bitcoin.
On Tuesday, Munger said that Bitcoin has been flagged as a fraud and is good for kidnappers, after calling it “rat poison.” Wapner asked Pompliano if the two investors are right amid concerns for the sector.
“They don’t understand the technology,” Pomplinao said.
Pompliano said studies have shown the US dollar is more widely used for money laundering than Bitcoin, but people want to have “anti-Bitcoin statements that grab the headlines.”
The Bitcoin investor said that buying large assets and holding them forever and averaging the dollar cost in large assets are two principles used by Buffett and Munger and also by Bitcoin HODLers.
“I believe that if Warren Buffett and Charlie Munger were 25 to 35 today, they would be Bitcoiners. But the difference is that they haven’t had the opportunity to allow decentralized software-based money to come in.”
Pompliano said that Bitcoin has outperformed the businesses of Buffett and Munger over the past decade and that the two investors will continue to hate Bitcoin.
Others Speakers: After the interview aired, many were critical of Wapner’s questions and showed support for Pompliano whether he liked Bitcoin or not.
CNBC presenter Jim Cramer tweeted that he made a lot of money because Pompliano dared him to make “a lot of money”.
Cramer called Pompliano a “nice guy” but said he was being picked on BlockFicompany with extensive exposure to FTX, of Pompliano.
“I love @Pomp, but he put me on BlockFi,” Cramer tweeted.
Pompliano responded to Cramer by saying the CNBC host said he has sold all of his cryptocurrency.
“LMAO Jimmy Cold!! You said you sold and bought a farm», Pompliano tweeted.
Benzinga reported that Cramer changed his stance on cryptocurrency this year
Bitcoin bear Peter Schiff tweeted in support of Pompliano, a rare case.
“It is hypocritical of 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 tweeted.
Schiff too he wondered where the hard questions about Bitcoin were when was the cryptocurrency making new highs and could a difference be made for investors.
“CNBC is more complicit in investor losses than Pomp.”
Co-host of Benzinga’s PreMarket Prep Dennis Dick played on Twitter after seeing the interview between Wapner and Pompliano.
“Great argument by @APompliano. CNBC has been pumping Bitcoin relentlessly and they are making no apologies for the drop. So why should Pomp?
In declaring a winner in the interview, Dick said “Pomp buried it.”
BTC Price Action: Bitcoin is up 1.4% to $16,788.84 at the time of writing and has lost 8.6% over the past seven days, according to data from Benzinga Pro.
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Photo by MoneyConf on Flickr