Popular American entrepreneur and founder of Professional Capital Management, Anthony Pompliano, emphasizes Bitcoin’s dominance in the crypto market, stating that BTC will continue to remain the king.
Pompliano made the bold assertion today during his appearance on CNBC’s Squawk Box, while pushing back on the old ‘blockchain, not Bitcoin’ narrative, which was popular during the 2016-2017 cycle.
Blockchain, Not Bitcoin Narrative, Has Been Disproven, BTC Remains King
For context, the “blockchain, not Bitcoin” narrative suggests that blockchain technology is more valuable than Bitcoin itself, given its broader applications in areas like real-world asset tokenization and supply chain management.
The prominent entrepreneur suggested that the splitting of investor capital across different strategies and assets increases market volatility.
Why People Invest in Bitcoin ETFs
When asked about capital flowing into Bitcoin ETFs versus direct Bitcoin purchases, he argued that the distinction is largely irrelevant. He suggested that people, particularly traditional investors who cannot buy Bitcoin directly, will opt for ETFs tied to the cryptocurrency.
Interestingly, he finds it fascinating that some large Bitcoin holders are now converting their coins to BTC ETFs. Pompliano explained that the rationale behind this conversion is that ETF funds are secured by professional custodians, making them harder to steal than assets stored in personal wallets.
Despite several large holders converting their Bitcoins to ETFs for security purposes, Pompliano does not expect this to be the norm. Pompliano, who considers Bitcoin the new S&P 500, believes several community members will still be advocating for self-custody under the “not your keys, not your coins” mantra.
This phrase encourages investors to prioritize safeguarding their private keys themselves to have full control of their assets.