America must “get very serious [its] Bitcoin Strategy as a Nation-State,” stated Pompliano.
Bitcoin can be described as a US technology, “from an ethics standpoint”, he said.
The majority of selling pressure surrounding BTC comes from institutional traders and short-term investors who are likely to lose their position.
Antony Pompliano is the founder of Morgan Creek Digital, and an avid Bitcoin bull. He has called on the US to embrace Bitcoin.
Pompliano spoke to CNBC anchor Andrew Ross Sorkin and stated that the United States must take the step to ensure that the US does not become the worldwide reserve currency for every country around the globe .
This outlook was deemed a matter national security by the analyst. He noted that increasing numbers of US politicians are talking about Bitcoin adoption at national level.
He says that the US does not seem to be able to plan how it will take control and make this technology a global leader.
He said that America should be the largest holder of Bitcoin, noting that Bitcoin (BTC), is the most decentralised digital currency and not controlled by any one entity.
After the exodus from China last year, around 30% of Bitcoin’s havehrate are in the US. The analyst says that the US should have a strategy.
” It is time to be very serious about our Bitcoin strategy, as a nation,” Sorkin stated during “SquawkBox” broadcast.
Pompliano stated that America must play a leadership role in the future.
From an ethos perspective, Bitcoin is an American technology. It is about resistance to censorship, free speech and self-sufficiency.
He made these comments as the markets around the globe were looking to rebound from sharp selling triggered by Russia’s invasion of Ukraine. Bitcoin had fallen below $35k, as sellers hoped to push it up to critical support at $30,000.
Pompliano stated that Bitcoin’s current price and sell-off are due to institutional and short-term traders. He suggested that these BTC owners are most likely to sell at a loss.
He stated that long-term investors and the majority of people are making profit based upon the realized price measurement, which places the average cost basis at the mid $20,000 range.
Pomp believes that Bitcoin’s rise to $38,000 Thursday suggests that a lot less sell-off pressure may be ” behind us.”