Anthony Pompliano is a well-known bitcoin bull who is extremely optimistic about the future of the flagship cryptocurrency, but his bullishness has put him in the midst of a storm. As the price of bitcoin skyrocketed on Oct. 9, Pompliano started singing praises of the cryptocurrency once again.
But the co-founder of Morgan Creek Digital got some vitriolic reactions from Twitterverse.
Twitter unloads on Pompliano’s bitcoin pumping effort
Pompliano had recently said that the price of bitcoin could exceed $100,000 by the end of 2021, believing that higher demand for the crypto asset and its limited supply would be tailwinds.
His latest tweet from yesterday tries to add another point to the list of reasons why he thinks that bitcoin is the future, but Twitter is not convinced.
One user took a dig at Pompliano and said that he is continuously pumping bitcoin only because he is invested in the cryptocurrency, accusing the fund manager of not addressing the crypto asset’s limitations.
Another user pointed out that bitcoin is not serving the purpose it was originally meant for, citing long transaction times that could potentially hinder the cryptocurrency’s adoption as a means of carrying out peer-to-peer transfers.
His theory about bitcoin being immune to manipulation was challenged as well.
Paying the price for being opportunistic
Pompliano was probably carried away by the sharp spike in the bitcoin price. With U.S.-China trade war tensions on a high and the stock market in danger of crashing, the bitcoin price rally may have led the fund manager to get emotional and say that the cryptocurrency is saving the common people from economic manipulation and geopolitical issues.
But he seems to have forgotten that the original whitepaper didn’t peddle the cryptocurrency as a hedge against macro events. It simply said that bitcoin is meant to be a peer-to-peer electronic cash system:
“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”
But bitcoin bulls started treating the cryptocurrency as a store of value, with some pointing out that it has the potential to replace gold and hit massive six-figure prices.
The addition of a speculative angle to bitcoin has given rise to volatility in the price of the cryptocurrency. This is something that seems to be coming in the way of its adoption as a way of carrying out peer-to-peer transactions. So it was not surprising to see Twitter roast Anthony Pompliano and call him out on his opportunism that came to the fore once the price of bitcoin started going up.
There’s no doubt that bitcoin has great utility. But trying to pump up the price of the cryptocurrency by advertising uses that Satoshi himself might not have imagined is what seems to have gotten Pompliano into hot water.
This article was edited by Samburaj Das.