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Gold bug Peter Schiff will be âkicking himself foreverâ if he turns out to be even 1% wrong about Bitcoin. That was the conclusion from Anthony âPompâ Pompliano, co-founder of Morgan Creek Digital and a serial Bitcoin proponent, during the cryptocurrency worldâs latest public showdown on July 31.
Pomp vs. Schiff On Bitcoin
In a private debate on CNBC Africa with host Ran Neuner, Pomp listened to almost an hour of Schiff explaining goldâs benefits and how Bitcoin would never ultimately have genuine value.Â
âIf people are right about whatâs going to happen to Bitcoin, all the people who own it are going to be really rich, and thatâs a dream people donât want to let go of,â he summarized.Â
Continuing, Schiff said crypto investors have been âsidetracked by the own greedâ and that Bitcoin had become a form of religion.
âWhen you live in a bubble, you canât see the bubble,â he concluded.Â
âYouâll Be Kicking Yourself Foreverâ
Pompliano had previously sparred with Schiff multiple times on social media, even orchestrating a donation campaign earlier this month which saw him inadvertently become the owner of 0.21 BTC.Â
This time, however, he delivered a stark vision of the future, in which gold bugs were on the losing end compared to Bitcoin. Statistically, he argued, that scenario was likely.Â
âIf Peter and others believe⊠with 100% confidence there is 0% you could be wrong, you could be missing something; 0% chance that Bitcoin could be valuable, that it could be a new technology, a new trend⊠donât buy it, donât put it in your portfolio, donât use it,â he began.Â
âBut if there is even a 1% chance that you could be wrong, the odds, given that it is an asymmetric asset, means that you will be kicking yourself forever for having known about this, spending your time doing this, getting berated on the internet and missed the opportunity.â
Pomplianoâs angle echoed that of another major investor this week in the form of Raoul Pal, the ex-Goldman Sachs executive who described Bitcoin as being potentially âludicrously undervalued.â
Similarly talking about Bitcoin the asymmetric asset, Pal argued that even if there is a 1% chance of Bitcoin succeeding as an alternative financial system, itâs market cap could skyrocket beyond what people are willing to imagine.
âSo even if thereâs a 1% chance of working⊠what itâs telling you is (Bitcoin is) ludicrously underpriced if any of these probabilities play out,â he said on the Stephan Livera Podcast.
Who do you think won the Anthony Pompliano vs. Peter Schiff debate? Let us know in the comments below!
Images via CNBC Africa Crypto Trader, Twitter: @cryptomanran
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