Cryptocurrency analyst and Founder of Morgan Creek Digital, Pompliano, whose presence in the cryptocurrency community is highly pronounced for his analysis geared towards institutional investors have spoken about the ill intentions behind new banks towards Bitcoin. Pompliano tweeted to his 177 thousand twitter followers saying; “The banks want Bitcoin to fail. Never forget that.”.
Certain that Bitcoin is not beneficial for new banks as it is for Bitcoin traders, Pompliano makes reference to the losses incurred by European bankers in 2018, he remarks “Long Bitcoin, Short the Bankers!”.
Will traditional banks destabilize Bitcoin?
Pompliano’s tweets are not the genesis of doubts stemming from the cryptocurrency community, centralized exchanges have continuously faced scrutinization and criticism over the possibilities that they are being backed by traditional banks. And seeing that traditional banks are globally losing their edges, the rates of bank involvement in cryptocurrency is becoming explosive with each passing day.
Other than creating a room for doubt and speculation, ones that have threatened the authenticity of the big bull, It is a fact that hash war did nothing else for Bitcoin. And with the increased rate of institutional investors and anticipation of the Bitcoin Futures, cryptocurrency users believe that loose ends are becoming more increased, leading to an atmosphere of traditional banks getting more involved in cryptocurrency.
Whatever the intentions of these traditional banks are, cryptocurrency enthusiasts are holding strong to the belief that it is intended to cause more harm than good for Bitcoin.
Being a strong advocate for Bitcoin, Pompliano further revealed that “wartime investors” are likely to profit more than “peacetime investors”, a statement targeted towards cryptocurrency traders, urging them to overlook the bearish trends and continue to push on with their investments.
“Most people want to be a peacetime investor but would be better off being a wartime investor. The best investments are made when you’re most uncomfortable.” – Pompliano
The $1 million wager
Pompliano had also steered the cryptocurrency space recently when he revealed that the manager of his firm Morgan Creek Digital, believes that the Digital Asset Index Funds will outperform the S&P 500 over the next 10 years.
Back in 2017, Billionaire investor Warren Buffett had made a bet on the S&P 500, saying that it would overthrow the performance of five actively-managed hedge funds. After winning the $1 million bet, Buffet donated the entire cash to charity.