The founder of Morgan Creek Digital Assets, Anthony Pompliano, told CNN in an interview why he and other entrepreneurs are protecting Bitcoin and remain committed to new technologies even though the market is plummeting.
"We have very deep conviction on a long-term basis. And if you look at the fundamentals, the 24-hour transaction volume on the Bitcoin network is about $4.6 billion as of lately, and the market cap is $74 billion. So that's about a 16-times multiple of transaction volume for market cap. That's very similar to MasterCard which does about $11 billion worth of transactions and is valued at about $180 billion. So from a value perspective, it's right there on par with MasterCard," he said.
The cryptocurrency enthusiast stressed that despite the short development period of the technology - Bitcoin is only 10 years old, and MasterCard was founded in 1966 - it already exceeds the performance of stocks, bonds, currencies and commodity futures. According to Pompliano, even in ten years all traditional assets will look "pale" compared to cryptocurrencies.
In response to a question about the current price of Bitcoin and strong levels of its support in the region of $ 1,000- $ 3,000, Pompliano suggested looking at transaction volumes.
"I think that all of this has been driven by retail investors. There's been very few institutional investors in the space pre-2018. And we tend to think that the work done today is going to lay the groundwork for the price movements moving forward over the next two to three years." he said.
A few days ago, Pompliano said that in the near future, many cryptocurrency companies and funds would probably close.
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