Consensus 2024: Pompliano Talks Bitcoin and Finance

At Consensus 2024, Bitcoin advocate and entrepreneur Anthony Pompliano discussed the evolving role and impact of Bitcoin in today’s financial landscape. He focused on its societal acceptance, influence on the financial system, and changing perceptions on Wall Street.

Pompliano emphasized the increasing endorsement of Bitcoin by powerful figures. “There’s been an acceleration of those people. It’s no longer celebrities, musicians, etcetera. We’re now talking about the President of the United States, some of the most powerful people on Wall Street are saying this is real,” he said. President Donald Trump, a notable supporter, has over $10 million in his crypto portfolio as per recent filings.

He also highlighted the role of social media in modern financial systems, using Silicon Valley Bank’s rapid downfall as an example. Pompliano explained that information spread quickly online, leading to a massive $40 billion withdrawal within 24 hours, facilitated by digital transactions. “Silicon Valley Bank basically died because of Twitter,” he noted. “A bunch of people got on and started saying the bank’s in trouble. You used to have 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.”

Pompliano addressed the economic incentives driving market participation, noting that many initially invested in Bitcoin to get rich. “How many people here bought Bitcoin or crypto originally because they wanted to get rich? That’s how markets work, right? People take action because of the economic incentive,” he said.

He then discussed Wall Street’s evolving stance on Bitcoin, highlighting the shift from skepticism to recognition of its potential. Financial institutions now see Bitcoin as a lucrative opportunity, which could significantly benefit the industry. “Wall Street doesn’t give a shit about Bitcoin. But guess what’s gonna happen? They see a ton of money and then they’re gonna stick around for a long time and they’re gonna become a huge tailwind for the industry,” Pompliano explained.

Pompliano also mentioned the political implications of Bitcoin’s growing popularity. He observed, “But what we’re now heading to is a world where truth prevails. Politicians understand there are 50 million Americans who either have to get on board with what they’re saying or lose that vote.”