- The debate happened following reports that bitcoin’s recent spike in price occurred as a result of China’s capital flight.
- Pompliano revealed that over half of his net worth is in Bitcoin.
“Shark Tank” co-host Kevin O’Leary and Morgan Creek Digital’s Anthony “Pomp” Pompliano, debated on CNBC over bitcoin’s role as a “safe haven” asset. The debate happened following reports that bitcoin’s recent spike in price occurred as a result of China’s capital flight. The Pomp is a popular Bitcoin bull, while O’Leary is a well-known skeptic. Pomp revealed that over half of his net worth is in Bitcoin, which O’Leary wasn’t a fan of:
“In any one stock, never more than 5 percent, in any one sector, never more than 20 percent. I teach this stuff! You never go beyond concentrations of that nature! Fifty percent! Shame on you! That’s nuts!”
Regarding bitcoin’s status as a safe-haven asset, Pompliano believes that the digital asset is negatively correlated with every other major asset class.
“[Morgan Creek Digital] has been banging the drum for over a year now saying that this is a non-correlated asymmetric asset. If you look at times of global instability like in May, where we are lobbing tariff threats and the trade wars are going on, bitcoin is up 55 percent. It’s got a negative correlation, -0.9 to S&P negative -0.8 to gold.”
O’Leary questioned this claim by saying:
“If this is really such a great idea, why is there really only one Vegas game working?”
O’Leary also revealed that two years back, he purchased $100 worth of cryptocurrencies like bitcoin, bitcoin cash, XRP, ethereum, and stellar lumens. His holdings are down by 70%.
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