- America needs to “get very serious about [its] Bitcoin strategy as a nation-state,” said Pompliano.
- Bitcoin is a US technology “from an ethos standpoint,” he added.
- BTC’s selling pressure is mainly from short-term traders and institutional traders who may be at a loss.
Antony Pompliano is the co-founder and avid Bitcoin bull. He has called on the US to embrace Bitcoin.
Speak to CNBC’s “Squawk Box” anchor Andrew Ross Sorkin, Pompliano said that the United States needs to take this step on the “off-chance, that 0.01% that the US dollar ends not being the global reserve currency used by every single country in the world.”
This outlook was deemed a matter national security by the investment analyst. He noted that more US politicians are talking about Bitcoin adoption at a national level.
However, he says the US doesn’t seem to have a strategy on how to take initiative and become the leading destination of this transformative technology.
He said that America would be the best holder of Bitcoin, noting that Bitcoin (BTC), is the largest decentralised digital currency and not under any one entity.
About 30% of Bitcoin’s hashrate is in the US following last year’s exodus of miners from China into the country and other friendly locations. However, this analyst believes that the US must have a strategy.
“We need to get very serious about what is our Bitcoin strategy as a nation state,” he told Sorkin during the “Squawk Box” show.
Pompliano stated that the US must play a leading role in the future.
“Bitcoin is an American technology from an ethos standpoint. It’s about censorship resistance, it’s about free speech; it’s about self sovereignty and individual rights.”
His comments came as markets across the world looked to bounce from a sharp sell-off triggered by Russia’s invasion of Ukraine. Bitcoin’s value had dipped below $35k as it looked like sellers would push it to critical support around $30,000.
About Bitcoin’s price movement and the sell-off alongside stocks, Pompliano said that the pressure is mostly from short-term holders and institutional traders. He suggested that these BTC holders would likely be those selling at a loss.
He stated that long-term holders and most people are profit due to the realized price metric, which places the average cost basis at the mid $20,000 range.
And with Bitcoin’s bounce above $38,000 on Thursday, Pomp says a lot of the sell-off pressure might “be behind us.”
