Anthony Pompliano, Co-Founder and Partner at Morgan Creek Digital appeared on CNBC’s Squawk Box today alongside Meltem Demirors, Chief Strategy Officer at Coinshare. Anthony stated that countries embracing bitcoin will be groundbreakers and will have notable advantages in moving forward. Other countries will then want a piece of the bitcoin pie.
This comes on the heels of intensifying regulations and scrutiny on cryptocurrency, bitcoin, and Libra in the US. This new wave of probing came about after Facebook unveiled its digital currency, Libra in June. Countries and regulators worldwide are concerned about Libra potentially disrupting monetary and financial stability, case in point, the US Treasury Secretary, Steven Munchin labeled bitcoin as a “national security issue.”
Once Bitcoin Adoption Starts, It Will Be Unstoppable
Pompliano told Squawk Box that a powerful country such as China, Europe, South America, United States or Russia will at some point adopt bitcoin in a “very serious way.” He made reference to the Game Theory -which is basically the analysis of rational behavior in interactive decision making – saying that countries will compete strategically with each other to gain certain advantage over each other. As this happens, more countries will adopt bitcoin and this worldwide adoption will be unstoppable.
He also mentions countries that are already adopting bitcoin-like Singapore. Pomp cited;
“Singapore is saying; bring it on. We’re going to provide rules, we will give you clarity and we want these companies here, we want the innovation, we want the entrepreneurs to come in.”
Bitcoin Regulation By The US Government Is Crucial
Meltem Demirors emphasized the fact that the United States government is not against bitcoin but requires that bitcoin traders and HODLers “play by its rules”. She then added that these regulations are important to protect traders that use third-parties for their bitcoin transactions.
She asserted;
“One of the most important things for most of the hardcore bitcoiners is that they have a choice. They can choose what they want to do with their bitcoin, who to transact with, who to interact with. This whole movement is about eliminating our dependence on intermediaries.”
“We see large scale systemic risks coming from these institutions so the idea of bitcoin doing away with intermediaries is a good one. But, in fact, we have become more dependent on intermediaries than ever. Just the fact they were able to obtain user accounts from Coinbase is a great example,” Meltem concluded.
