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

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

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