Morgan Creek Digital Assets’ Anthony Pompliano is a regular guest at CNBC where he often talks about Bitcoin.
Bitcoin has rallied over the last few days, and it’s gathering momentum to break the 8k psychological barrier (it goes in and out for some time). That brings interest from observers out of the cryptosphere, of course, and Mr. Pompiliano is there to explain the situation to people who usually don’t follow crypto but are interested in the traditional financial markets.
On his most recent appearance, Mr. Pompliano was sitting next to Kevin O’Leary, the Canadian TV celebrity and failed conservative politician. Mr. O’Leary owes his fame to the show “Shark Tank” so he’s supposed to be a successful venture capitalist and expert investor. That’s why it was so surprising that he had absolutely nothing intelligent to say on the subject of Bitcoin.
He rudely interrupted most of Mr. Pompiliano’s intervention in the CNBC show by calling Bitcoin worthless, 100% based on speculation. Nothing but a scam or a digital game in his view.
Morgan Creek’s man tried to explain to him that money is a belief system and that there’s nothing intrinsically valuable supporting the USD either. Fiat and digital currencies are worth something only in so far as people using them believe they’re worth something, which is, of course, entirely accurate. There was a time in which gold used to back a currency’s value, but that’s not been the case for more than four decades now. You’d think that a reputable “investor” would know that.
But Mr. O’Leary doubled down. He said he invested USD 100 in Coinbase, and that his crypto portfolio has lost 70% of its value so far. Well, that may be true. The thing is if you go into any market at all without doing some proper research and a plan, chances are you’ll lose every time. If you just throw some money randomly at the stock market, for instance, you shouldn’t expect to make a profit even if you go for blue-chip stocks only. Aren’t you supposed to know that already if you are at Shark Tank?
— Squawk Box (@SquawkCNBC) May 14, 2019
So Mr. O’Leary, who clearly doesn’t understand even the first notion about Bitcoin, just threw around a hundred bucks in Coinbase and expected to turn a buck magically. That didn’t happen, and now he blames it on crypto.
No amount of patient explanations on Mr. Pompliano’s part were able to make a dent in Mr. O’Leary’s objections, who’s clearly not willing to listen to anybody else and likes the sound of his own voice a little too much.
Kevin O’Leary’s objections to Bitcoin say nothing about the digital asset itself. But they reveal everything about the man who’s talking. He’s ignorant, willingly disinformed, too lazy (or lacking in brilliance) to understand the new technology and his implications, set in his own ways, and arrogant. The only thing we can learn from his opinions is the confirmation of that old saying: “old dogs don’t learn new tricks.” It’s painfully true especially if the dog is too stupid and lazy.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.