Bitcoin Bull Anthony Pompliano Says The Confidence Game Is Now Over For The Crypto Industry
Bitcoin Bull Anthony Pompliano Says The Confidence Game Is Now Over For The Crypto Industry. Long-time Bitcoin (BTC) supporter and entrepreneur Anthony Pompliano says that players in the crypto space are underestimating the damage to the industry from the failure of FTX and related events.
Pompliano tells his 1.6 million Twitter followers that following the FTX debacle, the crypto industry as a whole is now tarnished in the eyes of institutional investors. “Based on my conversations over the past 24 hours, people are seriously underestimating the damage done this week to corporate interest in Bitcoin and the crypto world.
Bitcoin will not only survive, but it will thrive in the coming years in my opinion. But we should not ignore the fact that this week has been a setback for everyone, no matter what part of the company you play. “
According to Pompliano, investors have lost faith in crypto and now “a large pool of capital in the world knows that the company is not ready for the show”.
However, Pompliano points out that the loss of active investors in the broader crypto ecosystem will cause observers to continue Bitcoin, attracted by and its simplicity and robust architecture.
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“When the confidence game ends for the crypto industry, the market returns to Bitcoin. There is nowhere to run. There is no bank panic in Bitcoin. In times of chaos and uncertainty, people need confidence and security.
He also says that the bankruptcies of the main crypto states, including FTX and the digital asset fund Three Arrows Capital, will distract from the price assessment and focus on Bitcoin’s long-term presence as a network.
“Bitcoin maximalists are being studied every minute now. There are newly converted private security officers showing up left and right. People are no longer asking “Where can X go”, but rather “How confident am I that Bitcoin will last Y years?”
It is the natural part of the cycle. In our worst times, Bitcoin comes forward. It provides the solution. It solves the problem of trust. Block when the block of transactions. Digital payment networks continue to deploy long-term security technologies that give everyone in the world the ability to store purchasing power for decades.