crypto.news
At Consensus 2024, renowned Bitcoin advocate Anthony Pompliano shared his perspectives on Bitcoin’s new landscape and its far-reaching utility.
The panel discussion highlighted Bitcoin’s impact on societal acceptance, the financial system, economic incentives, Wall Street’s changing stance, and educational role.
Shift in Societal Acceptance
“There’s been an acceleration of those people. It’s no longer celebrities, musicians, etcetera. We’re now talking about the President of the United States, some of the most powerful people on Wall Street are saying this is real,” Pompliano said.
President Donald Trump has been the biggest figure to endorse Bitcoin, with over $10 million in his crypto portfolio.
Impact of Social Media on Financial Systems
Pompliano highlighted the role of social media in modern financial systems by discussing Silicon Valley Bank’s rapid downfall. He explained that the speed at which information spreads online led to a quick withdrawal of $40 billion within 24 hours, boosted by the ease of digital transactions.
“Silicon Valley Bank basically died because of Twitter,” Pompliano noted. “A bunch of people got on and started saying the bank’s in trouble. You used to have to get your car, drive to the bank, wait in line, and then try to withdraw your money. Now, I literally did it on a Zoom call.”
Economic Incentives Driving Adoption
Pompliano pointed out that economic incentives are a primary driver of market participation, noting that many people originally invested in Bitcoin or other cryptocurrencies to make money.
“How many people here bought Bitcoin or crypto originally because they wanted to get rich? That’s how markets work, right? People take action because of the economic incentive,” Pompliano said.
Wall Street’s Changing Stance
Discussing Wall Street’s developing stance on Bitcoin, Pompliano commented on the shift from skepticism to recognition of its potential. He talked about how financial institutions increasingly see Bitcoin (BTC) as a lucrative opportunity, which could become a significant tailwind for the industry.
“Wall Street doesn’t give a shit about Bitcoin. But guess what’s gonna happen? They see a ton of money and then they’re gonna stick around for a long time and they’re gonna become a huge tailwind for the industry,” Pompliano explained.
Bitcoin as an Educational Tool
“But what we’re now heading to is a world where truth prevails. Politicians understand there are 50 million Americans who either have to get on board with what they’re saying or lose that vote,” Pompliano observed.
Pompliano’s insights from Consensus 2024 reveal Bitcoin’s growing influence, showing its role as both a financial asset and a transformative force shaping the future of finance and education, a perspective shared by Cathie Wood.