Anthony Pompliano (Twitter, LinkedIn) is a Founder & Partner at Morgan Creek Digital and a crypto influencer, which means he is deeply involved – and invested in – how cryptocurrency will continue to evolve.
Anthony believes crypto – and other digital currencies – are the way of the future because of their ability to be both secure and transparent. Recently, he and IT Visionaries host Ian Faison discussed the ways in which crypto has become popular and the path it will take as it matures into a widely-used method of payment and asset management.
Here are some of the big ideas Anthony touched on.
Cryptocurrency use cases and reasons for adoption:
Did you know that you likely are already using cryptocurrency? According to Anthony, “more than 93% of the U.S. money supply is not physical paper or coins.”
But when you think about cryptocurrency, your mind probably jumps to Bitcoin. While that’s fair – it is one of the best use cases in the cryptocurrency industry and is one “big names” that got people interested in crypto – but “crypto” means more than just one thing, now. If the industry is going to continue to take off, there has to be widespread adoption. Anthony says that the choice people have to make is fairly simple: do you want to have a currency that is subject to inflation and determined by humans, or do you want to opt for a disinflationary monetary option run by algorithms that offer full transparency?
How crypto will impact the B2B space:
With cryptocurrency comes the opportunity to be creative and think differently, especially when it comes to payment. There will be companies that create tokens, credits, or some other kind of currency. This will allow users to move value in a more efficient way. If they can get their users or customers to buy into the idea, paying via coin could become more ubiquitous in the future – both B2B and B2C.
Anthony explains that companies are seeing real problems and pain points in their systems that could be solved with blockchains or cryptos – and it will be the ones who can implement those solutions who succeed.
“You have to out-innovate the competition,” Anthony says.
The story behind the catchphrase:
Anthony will often tweet out the phrase, “Long Bitcoin, Short the Bankers.” And that phrase has been picked up by many other crypto enthusiasts. To Anthony, the phrase means that there is a new system based on deflationary assets as the single units of account – run by algorithms and machines – built for the future and exists in a digital world. “It’s kind of like us versus them,” he says.
“Short the bankers” means ‘short the old system’, because we’re moving toward something new that is more powerful and better-positioned for the future. People are looking for something better, something they believe is sustainable, and they are also looking for a community.
“The U.S. dollar is based on belief and if you and I use the U.S. dollar, it’s because we believe it has value,” Anthony says. “The same thing happens with bitcoin. The community, the common belief in the value, is just as important as it is with the U.S. dollar.”
For more of this conversation, click here.
