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The Future of Cryptocurrency
Anthony Pompliano has made a name for himself in the world of cryptocurrency. He shares his journey to entering the field, becoming a crypto leader, and why he thinks digital currency is the path forward.
“We all seem to be competing on who’s smarter, but that doesn’t really matter. It’s about who is more effective.” —@APompliano #ITVisionaries
Anthony Pompliano (Twitter, LinkedIn) is a Founder & Partner at Morgan Creek Digital and a crypto influencer. What that means is that Anthony 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. In this episode, he and Ian discuss the ways in which crypto has become more popular even in its infancy, and the path it will take as it matures into a widely-used method of payment and asset management.
Topics Discussed: Cryptocurrency, bitcoin, blockchain, digital assets,
Getting into the crypto industry — (1:15)
- 40-50 million people have interacted with cryptocurrency, and it’s still very early in the industry.
- “We’re moving into a digital world and in that world, we need digitally native assets, digitally-native accounting, and digitally-native contracts.”
- Anthony and his partner invested in the crypto space as well as industries you would think will be in the crypto space but are not there yet.
- There were so many smart entrepreneurs running into the crypto space who would need investors, and Anthony saw an opportunity to jump in. He went 100% in on the idea and resolved to become the best in the world at investing in cryptocurrency in a public way.
- “There is a benefit to participating in an industry for all the right reasons.”
- This is an industry Anthony would be in regardless of if he could make money or not because he believes there are benefits to being in cryptocurrency that will serve the greater good in the long run.
How past experiences have shaped Anthony — (8:00)
- Both Anthony’s partners have built bigger businesses than he ever has, so he defers to them often. But their combined knowledge and bredth of experience makes them successful at what they do now.
- “It’s about being self-aware about where your strengths and weaknesses are and trying to build a team of other people where their strengths are your weaknesses.”
- As you gain more experience, you learn there are different ways to uses resources in order to accomplish what you need to.
Cryptocurrency use cases — (17:30)
- You already use digital currency and you may not even realize it — “More than 93% of the U.S. money supply is not physical paper or coins.”
- Bitcoin is one of the best use cases. It is a digital currency that is decentralized.
- The choice will come down to if 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?
- Transparency is going to become the biggest reason to enter into the cryptocurrency landscape because it will secure your wealth better than it is currently being secured.
The benefits of being to explain things simply — (30:25)
- “We all seem to be competing on who’s smarter, but that doesn’t really matter. It’s about who is more effective. Usually, it’s the people who can speak in very simple terms and distill a complex idea into something understandable.”
What does crypto mean for B2B? — (31:35)
- There will be companies that create tokens, credits or some other kind of currency in order to be able to move value in a more efficient way.
- “The question I always pose is, ‘What is a way to do this that is inferior to blockchain?’”
- People are seeing real problems that can be solved with blockchain and cryptocurrency and it will be who can implement those solutions that determine who succeeds.
- “You have to out-innovate the competition.”
The meaning behind, “Long Bitcoin, Short the Bankers.” — (36:00)
- 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.”
- “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 that 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…. 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.”
The Lightning Round — (41:00)
- Anthony is a big audiobook fan and prefers old-school music