Anthony Pompliano aka Pomp, the founder of Morgan Creek Digital Asset, spoke about what the year 2019 has in hold for Bitcoin in terms of development and adoption, along with Arjun Balaji, a cryptocurrency analyst, in an interview with CNBC Crypto Trader.
Arjun Balaji stated that this year, Bitcoin is going to go through some major improvements in terms of scalability and privacy. He added that scalability is going to see a massive growth with Lighting Network now in the picture, and that there are a lot of on-chain privacy improvements, which are in the pipeline for 2019.
This was followed with the crypto-analyst speaking about the adoption of Bitcoin and its actual use case. He said:
“I think Bitcoin is used for all kinds of things. I think of it personally for me living in a first world country I think of it primarily as a call option our future store of value because bitcoin is not you know it’s not a stable store of value yet.”
He went on to say that the reason is that the cryptocurrency market is still in the rapid price discovery stage. Arjun further stated that even though some people want to use the coin as a means of payment, at present, the cryptocurrency’s primary use case is a store of value.
This was followed with Pomp speaking about Bitcoin’s adoption for the year of 2019. He remarked that adoption can be “broken down in a couple of different ways”. However, according to all the underlying fundamentals, adoption has been increasing into the bear market, quoting the example of hash rate and transactions. He added that this growth is going to continue this year as well.
Pomp further spoke about whether the Lightning Network is going to be the highlight of the year. He stated that the Lightning Network is going to be one of the highlights for the year. The other two highlights are going to be about whether a retail product gets approved and “who is buying”. He added:
“I mean Lightning is, the growth there is incredible right I mean in in less than 10 months they went from zero payment channels to over 18,000 they literally added a thousand payment channels last week in about three days so I think that that’s just going to continue to grow as more people understand what it is they joined the network and those Network effects take over.”
The co-founder went on to say that Bitcoin’s adoption is a year’s exercise, but more of about five to ten years of exercise, adding that every single day counts. Additionally, he stated that the Lightning Network is “obviously” one of the fastest growing networks for scalability and usability.
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Bitcoin’s [BTC] current performance shows that it is a great diversifying asset, says Morgan Creek’s CIO
The phenomenal rise in Bitcoin’s [BTC] price has excited the cryptocurrency market, with many speculating that the end of the prolonged bear market is near. Many proponents in the cryptocurrency space have also voiced their opinion about how positive fluctuations in the world of digital assets have actually enabled them to outperform the best of the S&P market.
In a recent interview on CNBC’s Fast Money, Mark Yusko, Chief Investment Officer at Morgan Creek Digital Capital, spoke about the rippling effects of the cryptocurrency market and the implications of Bitcoin’s current run. Brian Kelly, CNBC’s famous Bitcoin bull, further added that he hoped people would put their money on Bitcoin. To this, Yusko replied,
“Morgan Creek had launched the cryptocurrency challenge back in December and there were not many takers. In a way that was good because BTC is up by more than a 100 percent right now, which is a much better hit rate than that of the S&P market. We will see that in the next 10 years, Bitcoin will outstrip even its current performance and maybe even more.”
Morgan Creek’s CIO further opined that BTC is a great diversifying asset and that it should be in everybody’s cryptocurrency portfolio. He added that at the end of 2018, many analysts thought that 2019 would be the year when BTC would see a lot of bear bounces. However, the world’s largest cryptocurrency managed to beat expectations. Another argument that he laid out for BTC’s longevity was the predicted credit crisis in 2020, a market shift that is expected to cripple mainstream banking systems.
Despite the coin’s present performance, the ‘king coin’ was hit with some negative news recently after the latest Binance research report hinted at ‘disruption with trading pairs,’ as BTC pairs lost 38.9 percent of its market share. The research stated that out of all the trading pairs, USDT saw the largest net inflow, with a total increase slightly below $1 billion.
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