The last few weeks had elevated Bitcoin to new heights in terms of popularity as a lot of prominent members in the cryptocurrency space as well as mainstream finance talked about its price and market cap hike. Anthony Pompliano, the CEO of Morgan Creek Digital Capital was one of the prominent players who focused on Bitcoin’s advantages and this was conveyed in his latest blog.
The blog titled “Bitcoin is smarter than politicians and central bankers” talked about how the bureaucrats and political leaders were ill-equipped to discuss regulations related to cryptocurrency or any digital asset in general. Pomp listed several examples of why the current set of regulatory watchdogs were not able to avoid crashes in the mainstream scenario, citing the increasing levels of debt as one striking example. The blog read:
“We are currently experiencing record levels of debt around the world, including US corporate debt as a percent of GDP over 70% and China holding strong around 150%. The last time this US metric was so high was during the Global Financial Crisis and China hasn’t ever seen levels this high before. To put this all in context, there is 3X+ more debt than GDP in the world today.”
The Morgan Creek CEO then went on to list Bitcoin’s advantages over fiat and how politicians only see the tip of the iceberg when it comes to digital assets. Pomp opined that Bitcoin was a decentralized, digital asset that is built in a way that prevents manipulation by any government, central bank or politician.
This was followed by an explanation on how Bitcoin’s price increased by a massive 55 percent during the month of May, making it a more ROI generating asset than mainstream assets like the S&P 500 and gold.