Barstool Sports Dave Portnoy Sold $1.25M Worth of his Bitcoin Stash But He Will Be Back

After buying the top and selling the bottom, Barstool Sports Dave Portnoy appeared on Anthony Pompliano’s podcast on “The Pomp Podcast” to discuss bitcoin and cryptocurrencies.

During his interview, he revealed that he bought $1.25 million worth of Bitcoin.

Despite this and getting a class on bitcoin from Winklevoss brothers, of which the crypto community wasn’t really supportive, Portnoy believes bitcoin is a “Ponzi.”

“It’s just one big Ponzi scheme…You get in, and you just have to not be the one left holding the bag,” said Portnoy. “It’s no different from the stock market. Everyone’s pumping their own [coin], alright.”

Pomp, however, did take care of trying to make him understand how “Bitcoin is stronger than anything in the world,” and nobody, not even the government, can hack it. “It’s got more computing power on it than anything,” said Pompliano.

The day trader who became popular during the coronavirus pandemic lockdown by trading anything and everything because “stocks only go up,” has “nothing” in crypto right now. He sold all his million-dollar stack of sats.

He didn’t know what was going on and couldn’t handle all that volatility. “There is no rationale why it is going up; I have no idea why it is going up or down,” he said.

Pompliano gave him the advice of being a HODLer, “You can’t look at it, because you’ve got weak hands. You’ll sell it.”

“The thing I miss the most is the memes,” Portnoy told crypto investor Pomp, sharing how crypto twitter made him go “these are kind of like my people.”

But he isn’t out for good, Portnoy said his “heart is crypto,” and he will be back. He doesn’t know when but he will; up until then, he is all about stocks.

Watch the full podcast here:

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Author: AnTy

Bitcoin is Now on Former Hedge Fund Manager Jim Cramer’s Investment Menu

On the latest episode of The Pomp Podcast, Anthony Pompliano tried to convert the guest Jim Cramer into a Bitcoiner.

CNBC’s Mad Money fame, Cramer is a former hedge fund manager who back in 2016 showed his bullishness towards BTC by calling out for $1 million only to get his bears out the following year when the digital asset went under $6,000.

But this time, the co-founder of TheStreet.com got a much-needed lesson to understand Bitcoin, and now he believes buying bitcoin is actually “prudent.”

What changed his mind is the three billion dollars that the central bank printed, which he said: “changed everything.” “I am concerned that I am not being prudent, and I now think that Bitcoin is prudent,” said Cramer.

His idea is to have his inheritance in something his kids will be comfortable with, and it isn’t gold but cryptocurrency.

“I’m going to buy it [Bitcoin] in stages…” he said and that he would keep it untouched for his kids until 2030.

On his investment menu, he had the traditional assets – gold, masterpieces, mansions, and real estate. But what his inflation handbook didn’t have was crypto.

He said gold and crypto belongs to the same category and that one has to “have one or the other.” Cramer said in the light of the current macro environment.

“We’re on a collision course, which makes me feel great about the gold I own, but I do feel that it’s perfectly logical to add crypto to the menu.”

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Author: AnTy

Ex-Nissan Chief’s Son Paid $50,000 in Cryptocurrency via Coinbase to Help him Escape

Anthony Ghosn, son of Carlos Ghosn, the former Nissan Motor Co. chairman, made about $50,000 in cryptocurrency payments to an American man who helped his father escape criminal charges in Japan.

The Jr. Ghosn made the payments to a Peter Taylor via the San Francisco-based cryptocurrency exchange Coinbase after Sr. Ghosn escaped in a box smuggled aboard a private plane in December, US prosecutors said in a court filing on Wednesday. The crypto transfers were made in installments from January through mid-May.

Coinbase recently struck a deal with the US Secret Service and Internal Revenue Service to sell its blockchain analytics software, which the company emphasizes only contains publicly available information.

Besides crypto, wire transfers were also made to Taylor and his father, ex-Green Beret Michael Taylor who received a total of at least $1.36 million from the Ghosn family.

Carlos Ghosn has been facing charges of financial misconduct in Japan and has fled to Lebanon, claiming his family played no part in his escape.

But the prosecutors found evidence indicating the family did play some role in the operation, and US authorities arrested the Taylors at the request of the Japanese government, which is seeking to extradite them.

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Author: AnTy

Bitcoin’s is Gold 2.0; Billionaire Lays Out BTC’s Path Forward in Macro Backdrop

In the latest episode of The Pomp Podcast, host Anthony “Pomp” Pompliano had Chamath Palihapitiya, the CEO of Social Capital as a guest who talked about Bitcoin’s path in the current macro backdrop.

The currency situation is exactly “the set up” for Bitcoin, said Palihapitiya, which means, “Bitcoin needed a moment like this for it to be relevant.”

“Right now, I think what you’re seeing is that it’s still a speculative instrument and it’s too speculative for it to be reliable so if you’re going to make the case that it should replace fiat currency, well one thing you have to look at is the volatility of the US dollar and you can’t replace it with something that’s 9 sigma more volatile.”

And that’s the reason it doesn’t work. The extreme volatility means “you can’t effectively use it and so what it does is it pushes it into this ghetto of day traders and speculators and right now that’s where we are. We’re in that ghetto and you need to get out and the way that it gets out is that you need to flush the speculators and day traders out and you need to have still some basis of interest from long-term holders and then you need to have it slowly look like the traditional infrastructure could really implode.”

Not gold but gold 2.0

Currently, Bitcoin is “driving slowly but we are driving towards a top of a cliff and then we’re going to drive much much faster down that cliff, tore down that hill and at the end of it is a huge brick wall, the way we avoid it is by pivoting to a resilient economy where we introduced in efficiency and cost and inflate our way out of it or debasement.”

The path of dependence for Bitcoin he said is “if it looks like path two is likely when the world’s leading cryptocurrency will really emerge as a flight to safety and over the next ten years where this trajectory is going to take shape and it is a ten-year trajectory you’ll have a lot of time to vector into it, to protect yourself and to hedge yourself.”

The Chairman of Virgin Galactic shared that he first bought “a lot” of Bitcoin in 2013 and at one point he had “almost 5% of all the bitcoin.”

He “never” bought any more BTC and now they sit with a company where they are being used for trading purposes and other strategies. The move was “mostly for safety and security and peace of mind, I didn’t want to deal with it,” said Palihapitiya.

A minority stakeholder of the NBA’s Golden State Warriors Palihapitiya sees Bitcoin as a very binary investment, and it doesn’t matter if it swings wildly because “this is either zero or it’s millions because what it will do is it will create a quasi gold standard.” However, instead of central banks owning gold, Bitcoin

“is an instrument that has value, that’s determined by in between its participants and it’s owned by everybody.”

So, it’s not gold but gold 2.0 which “replaces the method of value transfer that you need for fiat money to be valuable but that only happens if the US dollar looks like it’s going to careen into this wall so I think that’s the bet.”

You can listen to the full interview here:

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Author: AnTy

Biticoin Bull Pompliano: Tokenizing USD Will Secure Currency’s Position as the “Global Reserve Currency” in the Future

The Co-Founder of Morgan Creek Digital and widely known as a “bitcoin bull”, Anthony Pompliano was recently involved in an interesting discussion with CNBC’s Squawk Box. As per Bitcoinist, the expert shared his opinions on what will allow Bitcoin to retain its store-of-value given the potential that rests in digitalized national currencies.

He seems to have emphasized on two things. First, he noted that if he were the U.S. government, he would be working towards tokenizing the USD – something that China is already working on with its Yuan and second, reasons for choosing Bitcoin.

The reason why the latter is an important step stems from the accessibility of the currency. More specifically, he argued that if the Yuan were to be tokenized, while the USD remains as is, then it would become easier for other countries to buy the former. In order to prevent this and ensure that the USD remains the “global reserve currency”, Pompliano deems tokenization is crucial.

As per his words:

“We will reach a point where the U.S. Dollar will become digital. Other currencies will become digital. If I’m the U.S. government, I think they should tokenize the dollar immediately.”

The second thing obviously entails his opinion on Bitcoin, where the Co-Founder is strong in his belief that Bitcoin will take the win all the way through. At the end of the day, Pompliano trusts that the people will pick a currency that neither reflects manipulation nor censorship; not to forget one that lacks government control and intervention.

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Author: Nirmala Velupillai

Pompliano Believes Satoshi Should Get The Nobel Peace Prize For The Creation of Bitcoin

Anthony Pompliano, the founder of Morgan Creek Digital, a large digital assets company, has recently affirmed that the creator of Bitcoin, the person who created the alias of Satoshi Nakamoto, should receive the Nobel Peace Prize for his contribution to the world.

According to the executive, Satoshi has created the first global reserve that could be fully used without anyone ever needing to engage in

“violence”.

Pompliano’s idea of violence comes from the view that national fiat currencies only hold value because they are centralized and backed by the coercion of the State. Because of this, a truly international currency that had no central control would be non-violent in his view.

During the current U. S.-China Trade War, his argument can be seen in how countries use their currencies as “weapons” to achieve economic policies and to fight for power. The whole world is shaken because of the tumultuous policies enacted by the two countries.

While China is using its fiat to hurt the U. S. economically, the U. S. is using the dollar to control the finances of the world for decades. Fiat currencies are from being only a store of value, they are a tool for power and for enacting policies. Only Bitcoin, in Pompliano’s vision, would be exempt from that and a more non-violent form of money.

Obviously, it would be hard to give Satoshi the price since he disappeared in 2010 and there is not a single trace of him anymore. People such as Craig Wright and others have been claiming that they are the real Satoshi Nakamoto for years, but no one was able to actually prove it yet until now.

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Author: Gabriel Machado