Bitcoiner 'Pomp' Shouts Down 'The Judge' On CNBC — While Cramer Becomes Collateral Damage
A financial media outlet brought on one of the most vocal supporters of cryptocurrency Bitcoin (CRYPTO: BTC). The interview saw an attempt to call out the guest for being an “evangelist” for Bitcoin but instead turned haters into fans of the interviewee.
What Happened: Bitcoin bull and the co-founder of the investment firm Morgan Creek Digital, Anthony Pompliano is well known for hosting podcasts, videos, and having a newsletter devoted to the world of cryptocurrency. He was invited onto CNBC Tuesday to share his thoughts on Sam Bankman-Fried and the collapse of FTX (CRYPTO: FTT) and also what’s next for Bitcoin.
CNBC host Scott Wapner, known as "The Judge", told Pompliano that one can do fundamental analysis for stocks but cannot do so for the cryptocurrency market, something Pompliano brushed off.
“I don’t believe that to be true. You can definitely do a fundamental analysis,” Pompliano said. “There’s a dislocation between price and fundamentals.”
Pompliano said that despite Bitcoin being down 75% in the last year, 67% of the Bitcoin in circulation has not moved in 12 months.
“We are watching the greatest battle of 2022 where it is Bitcoiners and the HODLers versus the macro environment.”
Pompliano said he’s betting on the BItcoiners.
“Shopify and DoorDash are down 75% to 95%, down more than Bitcoin, if Bitcoin is so great, are we going to argue that Shopify is now not valuable, that it’s over,” Pompliano asked of Shopify Inc (NYSE: SHOP) and DoorDash Inc (NYSE: DASH).
Pompliano argued that Bitcoin is a decentralized, peer-to-peer network with a great track record and Bitcoiners are trying to “usher back in timeless investment principles.”
When asked about responding to criticism from people now that the FTX events happened, Pompliano said CNBC has paraded other investors around who have stocks that have underperformed Bitcoin.
“I believe that Bitcoin over a long period of time will outperform a lot of other assets, I still believe that and I’m putting my money where my mouth is.”
Pompliano on FTX, Sam Bankman-Fried: Pompliano said he has not spoken to Sam Bankman-Fried recently, adding that the FTX event was shocking and surprising to many.
Pompliano said people are surprised at how well some assets are holding up, given the collapse of the second-biggest crypto platform.
“This was a player that was not only regulated in some regards but also engaging in Washington (D.C.) and with regulators,” Pompliano said.
Pompliano said he had a business that had some money with FTX, had some money on the platform, and had an advertising relationship with the company when asked about his relationship with it.
Earlier on Tuesday, Munger said Bitcoin was marked with fraud and was good for kidnappers, after previously having called it "rat poison." Wapner asked Pompliano if the two investors are correct amid concerns about the industry.
“They do not understand the technology,” Pomplinao said.
Pompliano said studies have shown the U.S. dollar is more widely used for money laundering than Bitcoin, but people want to have “headline-grabbing anti-Bitcoin statements.”
The Bitcoin investor said that buying great assets and holding them forever and dollar cost averaging into great assets are two principles used by Buffett and Munger and also by Bitcoin HODLers.
“I believe that if Warren Buffett and Charlie Munger were 25 to 35 years old today, they’d be Bitcoiners. The difference though is they didn’t have the opportunity to allow for decentralized software-based money to come along.”
Pompliano said Bitcoin has outperformed Buffett and Munger’s assets over the last decade and the two investors will continue to hate Bitcoin.
Others Chime In: After the interview aired, many were critical of Wapner’s questions and showed support for Pompliano, whether they liked Bitcoin or not.
CNBC host Jim Cramer tweeted that he made a lot of money because Pompliano dared him to make “big money.”
Cramer called Pompliano a “great guy” but said that he was turned onto BlockFi, a company with large exposure to FTX, by Pompliano.
“Love @Pomp, but he put me in BlockFi,” Cramer tweeted.
Pompliano fired back at Cramer that the CNBC host said he sold all his cryptocurrency.
“LMAO Jimmy Chill!! You said you sold and bought a farm,” Pompliano tweeted.
Benzinga reported on Cramer changing his stance on cryptocurrency this year
Bitcoin bear Peter Schiff tweeted in support of Pompliano, a rare occurrence.
“It’s hypocritical for Scott Wapner to accuse Pompliano of pumping Bitcoin on CNBC when it was CNBC that gave him and other crypto pumpers constant free airtime to do the pumping,” Schiff tweeted.
Schiff also wondered where the tough questions about Bitcoin were when the cryptocurrency was hitting new highs and a difference could have been made for investors.
“CNBC is more complicit in investor’s losses than Pomp.”
Benzinga’s PreMarket Prep co-host Dennis Dick chimed in on Twitter after watching the interview between Wapner and Pompliano.
“Great argument by @APompliano. CNBC has pumped Bitcoin relentlessly, and they aren’t apologizing for the fall. So why should Pomp?”
In declaring a winner in the interview, Dick said “Pomp buried him.”
BTC Price Action: Bitcoin was up 1.4% at $16,788.84 at the time of writing and down 8.6% over the last seven days, according to data from Benzinga Pro.
Photo by MoneyConf on Flickr