Warren Buffett not the best judge of technology, Pompliano

Warren Buffett not the best judge of technology Pompliano

In an interview with Julia Chatterley from CNN avid Bitcoin supporter Anthony Pompliano urged his followers and crypto enthusiasts not to take Warren Buffett seriously when it comes to his hostile remarks on Bitcoin and other cryptocurrencies.

Following a recent interview and a much-talked-about dinner date with TRON founder Justin Sun, Warren Buffett, who is easily the most recognized business tycoon and Wall Street veteran of today, stirred strong reactions from his followers by dismissing Bitcoin and calling it an “unnecessary invention.” He went on to state that he has and will never any intention of owning a cryptocurrency.

And while TRON founder and BitTorrent CEO Justin Sun immediately took to media to contradict Buffett’s statement, several critics couldn’t help but wonder how and why an eminent figure like Buffett could be so oblivious to upcoming technologies. The damage was already done. Warren Buffett continues to be criticized for his old-school views on investment and technology.

Don’t take technology advice from Warren Buffett, Pompliano

Joining the flow is the Bitcoin crusader and founder of a VC fund, Morgan Creek Digital Assets, Anthony Pompliano. Although Pompliano expressed great respect for the Berkshire Hathaway CEO, he said that he isn’t the best judge of technology considering the fact that Buffett still uses a flip phone and doesn’t like to communicate over emails.

Buffett is technologically-challenged. And in this new-age world driven by technology, his investment ideas and views are obsolete, Pompliano explained.

According to him, Bitcoin has the potential to replace the US dollar as the global reserve currency. Bitcoin’s monetary framework is far more superior, sophisticated and efficient than fiat money’s, Pompliano continues, and at some point in the future, I believe that people will see it as a worthy competitor to the title of the global reserve currency. 

CBDCs cannot replace Bitcoin, Pompliano

Commenting on Sweden in the process of making pathbreaking achievements through the launch of e-krona, a Riksbank-developed central bank digital currency (CBDC), Pompliano lauded the country’s efforts in going fully digital and reviving its financial infrastructure.

I think that more and more banks should follow Sweden’s lead and move towards a digital economy, the crypto evangelist added. However, that doesn’t mean that CBDCs will sideline Bitcoin. What they are doing is essentially taking the existing outmoded monetary policy and resuscitating it by changing the technology, he said.

The Bitcoin bull also dismissed the idea of Bitcoin only being driven by price speculations. According to him, the very fact that its on-chain transaction volume is higher than five hundred billion US dollars ($500 billion) is enough to suggest that the technology can give some of the prominent players in the payments industry a run for the money.

Bitcoin price is up by thirty percent (30%) this year, which makes it a good store of value asset, Pompliano concluded.

Featured Image by Flickr

Manasee Joshi

Manasee Joshi

An avid reader and an enthusiastic writer, Manasee recently chose to dedicate her time doing freelance writing. A degree in English literature and experiences in Administration, HR, finance, literature, creativity and innovation tucked under her belt, she crafts engaging and compelling content for crypto and blockchain audience.

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