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At Consensus 2024, renowned bitcoin advocate Anthony Pompliano shared his perspectives on the new bitcoin landscape and its far-reaching utility.
The panel discussion highlighted the impact of bitcoin on social acceptance, the financial system, economic incentives, the changing stance of Wall Street, and the educational role.
Change in social acceptance
“There has been an acceleration of those people. It's no longer about celebrities, musicians, etc. “Now we're talking about the president of the United States, some of the most powerful people on Wall Street say this is real,” Pompliano said.
President Donald Trump has been the most prominent figure to endorse bitcoin, with more than $10 million in his cryptocurrency portfolio.
Impact of social networks on financial systems
Pompliano highlighted the role of social media in modern financial systems when analyzing the rapid fall of Silicon Valley Bank. He explained that the speed at which information spread online led to a rapid withdrawal of $40 billion in 24 hours, driven by the ease of digital transactions.
“Silicon Valley Bank basically died because of twitter,” Pompliano said. “Many people got to work and started saying that the bank is in trouble. Before you had to get your car, drive to the bank, wait in line and then try to withdraw your money. Now, I literally did it on a Zoom call.”
Economic incentives that drive adoption
Pompliano noted that economic incentives are the main driver of market participation, noting that many people originally invested in bitcoin or other cryptocurrencies to make money.
“How many people here originally bought bitcoin or cryptocurrency because they wanted to get rich? That's how markets work, right? “People act because of the economic incentive,” Pompliano said.
Wall Street's changing stance
Discussing Wall Street's developing stance on bitcoin, Pompliano commented on the move from skepticism to recognition of its potential. He discussed how financial institutions are increasingly seeing bitcoin (btc) as a lucrative opportunity, which could become a major tailwind for the industry.
“Wall Street doesn't give a shit about bitcoin. But guess what's going to happen? They see a lot of money and then they will stay for a long time and become a big tailwind for the industry,” Pompliano explained.
bitcoin as an educational tool
“But now we are heading to a world where the truth will prevail. Politicians understand that there are 50 million Americans who have to accept what they say or lose that vote,” Pompliano observed.
Pompliano's insights from Consensus 2024 reveal the growing influence of bitcoin, showcasing its role as a financial asset and transformative force shaping the future of finance and education, a perspective shared by Cathie Wood.
