Anthony Pompliano, the Co-Founder of Morgan Creek Digital, the digital asset management company, said that his view of Bitcoin (BTC) as a global hedge has solidified over time.
The argument for #Bitcoin as a non-correlated asset grows stronger as convincing data continues presenting itself, APompliano explains to benjaminpirus in an interview https://t.co/nCL9ep4ciC — cryptotothemoon (@cryptotothemoo1) February 6, 2020
In a January 30 interview on his notion of Bitcoin as a traditional market hedge over the years, Pompliano said:
“I think it’s always been part of the conversation.”
However, the expert expressed a growing assurance in this concept of Bitcoin as a global hedge as supporting evidence continues to present itself.
He added:
“The more data you get, the more that you can believe something.”
In past years, Pompliano has gone on the record multiple times with the view that Bitcoin is a non-correlated asset, meaning that the asset does not necessarily rise and fall with the rest of the traditional market.
Likewise, he expressed this sentiment to CNBC in an August 2019 interview, as Bitcoin rose in price amid a period of economic uncertainty.
As the crypto space matures, its related trends and market behaviors also change. However, Pompliano has not changed his stance on Bitcoin as a non-correlated asset.
Pompliano said:
“I don’t think that my opinion has changed at all.”
He added:
“The most important part of Bitcoin, when it comes to the global hedge, is the fact that it’s a non-correlated asset — meaning that, as stocks go up or down, Bitcoin doesn’t have correlation to that.”
<img width="1500" height="739" src="https://i1.wp.com/www.cryptonewspoint.com/wp-content/uploads/2020/02/Anthony_Pompliano_BTC_To_Plunge_Below_3000.jpg?fit=1024%2C504&ssl=1" alt="" class="wp-image-10377 lazyload"/>
As an example, Pompliano said that Bitcoin’s price even moved in the opposite direction of the traditional market’s S&P 500 index, as well as gold, amid trade wars and other worldwide market instability. He called this a negative-correlation for Bitcoin.
Moreover, he explained:
“When you look at that correlation, that becomes really important as that kind of global hedge of instability. It’s a way for investors to diversify their wealth and add a layer of protection that, without Bitcoin, they don’t get elsewhere.”
Thus, Bitcoin reportedly accounts for 50% of Pompliano’s capital.
Source: cointelegraph.com