Anthony Pompliano Says Country That Adopts Bitcoin First Will Have Advantage

[Prateek_sharma]

Well!!

Anthony pomplian the co-founder of morgan creek says that countries whether it’s China, Russian or the US, that embrace bitcoin would be frontrunners in the financial technology space.

What's your point of view on this?

[Mandoy]

Its a fact and I totally agree with that statement. Just like those firs group of individuals who have got hold of bitcoin at its early stage have become millionaires while other have become billionaires. Just imagine if a country adopts bitcoin and they are the first one to do it. This could mean that the general population in their country will get hold of bitcoin during that time. When the time comes and bitcoin skyrockets again, majority of the population who hold bitcoin will become millionaires. This will have a huge impact on their economy and will put their country at the top. This means more taxes gained, more employment made, more infrastructure and projects will be done by the government and many more.

[1Referee]

Pomp is never shy of expressing how bullish he is on Bitcoin, but we have to figure out what form of adoption he is referring to. I'm pretty certain that countries will first try out their own digital'ish currency or tokenize their entire financial system, and perhaps when that doesn't work out for whatever reason, they might look at Bitcoin in a more serious manner.

It's important to understand that countries using Bitcoin for cross border transactions to avoid international banking sanctions is adoption too. It doesn't necessarily have to be them using Bitcoin, or more precisely said, satoshis, as their new native form of money, which is obviously what people hope for.

[Artemis3]

Well!!

Anthony pomplian the co-founder of morgan creek says that countries whether it’s China, Russian or the US, that embrace bitcoin would be frontrunners in the financial technology space.

What's your point of view on this?

Yes, we have been saying that here for ages, and the trophy would go to the likes of Japan which was one of the first countries to welcome Bitcoin, even thought its regulated its also a place of Bitcoin history. Since they started first they learned (the hard way) first i guess? Well not Bitcoin related but these things called exchanges (Mt.Gox) which people use to move from fiat into bitcoin and vice versa...

You could also look at regions. In your region who embraced Bitcoin first? Those get the advantage. And on the opposite side the few 15 or so fools that ban it, telling wealth to go away because they are scared of it...

For this transition period parallel coexistence of fiat and Bitcoin is to be expected. Next step would be, the first country that officially abandons fiat for Bitcoin.

Something like Zimbabwe, but rather than going USD, going BTC. Well the next Zimbabwe is definitely my country, would be nice to see the crisis lead that way but so far it seems to be going the same way as Zimbabwe, ie. the USD. Albeit technically illegal, people have started to set prices in USD here.

There is some people trying to promote crypto, usually from altcoins with marketing funds, but its honestly rare to see a shop to directly accept it, tho we have to do the localbitcoins routine before going out to buy anything. Good news is that these few days prices of things are in Satoshis, since you need about 100+ million of our fiat to buy a bitcoin, same as satoshis... So the people here without knowing knows how it is to express things in satoshis. AND, we are used for prices to change everyday, unfortunately as with any other fiats, our prices only go one direction, UP. If we had adopted Bitcoin, they would go down from time to time (deflation vs inflation).

[avikz]

Well!!

Anthony pomplian the co-founder of morgan creek says that countries whether it’s China, Russian or the US, that embrace bitcoin would be frontrunners in the financial technology space.

What's your point of view on this?

Consider the below scenario,

A man is walking through a desert without a bottle of water. The man is feeling very thirsty and dizziness is slowly engulfing his body and mind. Suddenly he sees an Oasis which can save his life. He thought of going towards that direction but at the same time a second thought strikes his mind - "can it be an illusion?". If yes, then he would not get the life savings water as well as loose his trail. But there is also a chance that the Oasis is real and can get him back to life with hope and energy! His mind is now divided with one part pushing him to go to the direction of the Oasis and the second part is confusing him and pushing him back!

Now imagine yourself in the same situation and let me know what would you choose??

Majority of the nations (including mine) are currently stuck in the similar situation and not realizing the true potential of cryptos in the future economical scenario. Their minds are divided because Orthodox Banking class is asking them to ban it and tech-savy young generation is pushing them to adopt it. Japan has already got an edge over the competition by legalizing it and adopting it as a mainstream currency! In 10 years down the line, I won't be surprised if the emerge as the top financial powerhouse of the world!  

[fiulpro]

You know once a technology is born , over the years it is going to be adopted in a different way but trust me it is going to be adopted.
We humans seek uniqueness in every way possible and bitcoins is so amazing.
Besides making overseas transactions easy it actually makes an excellent investment choice therefore I think he is pretty right .
You know the fact that now Evey country is thinking of having their own crypto is actually what supports the argument on every side.

[bittraffic]

Since the big guys already said BTC and cryptopcurrencies are the future of money, then those countries who adopts BTC and crypto I guess are the ones going to be richer than those who adopts late. Being the first always has the advantage. Lucky for those who live in the countries where their leaders are open to such technology.

Well!!

Anthony pomplian the co-founder of morgan creek says that countries whether it’s China, Russian or the US, that embrace bitcoin would be frontrunners in the financial technology space.

What's your point of view on this?

Consider the below scenario,

A man is walking through a desert without a bottle of water. The man is feeling very thirsty and dizziness is slowly engulfing his body and mind. Suddenly he sees an Oasis which can save his life. He thought of going towards that direction but at the same time a second thought strikes his mind - "can it be an illusion?". If yes, then he would not get the life savings water as well as loose his trail. But there is also a chance that the Oasis is real and can get him back to life with hope and energy! His mind is now divided with one part pushing him to go to the direction of the Oasis and the second part is confusing him and pushing him back!

Now imagine yourself in the same situation and let me know what would you choose??

Majority of the nations (including mine) are currently stuck in the similar situation and not realizing the true potential of cryptos in the future economical scenario. Their minds are divided because Orthodox Banking class is asking them to ban it and tech-savy young generation is pushing them to adopt it. Japan has already got an edge over the competition by legalizing it and adopting it as a mainstream currency! In 10 years down the line, I won't be surprised if the emerge as the top financial powerhouse of the world! 

I would take my chance to move towards the Oasis after all I'm doomed if I won't. Same thing right now with my life. I have nothing left, I can work 9-5 day job but what would that do to me? Surviving everyday or take my chance to be a millionaire?

[BrewMaster]

well first of all a country has already adopted bitcoin and that country is called Japan. it has been 2 years in progress too. so it is not like something that we can wait and see, it has already happened lol, so maybe this dude needs to review the history first before making an statement like this...

secondly i don't think it is that kind of an arms race. of course when a country adopts bitcoin earlier than others it opens up opportunities for a lot of infrastructure to be built and they will be far ahead from others but it will take time and unless others wait another decade to do the same adoption, they can easily catch up. we are still in early days and in the ground floor.

[kryptqnick]

Completely agree with the viewpoint. We're already seeing happen with majority of the blockchain based innovation happening in countries with favourable regulatory environments like Singapore, Switzerland. The gulf in innovation in this space will increasingly widen between these countries and ones with unclear/unfavourable regulations IMO.

That's true. Switzerland is an especially important point for me. If this country does something, then it must be a smart move, even more so if it's related to the economy. Honestly, I don't even understand why it's so hard for some people to realize it since Switzerland is well-known for its economic stability and banks. If Bitcoin was actually something risky and shady, no way Switzerland would welcome it and even allow a whole crypto hub in one of the cantons.
I really think that cryptos give African countries a chance to level up and grow their economies because they are not that deep into the traditional Western system yet.

[gentlemand]

There's allowing Bitcoin to flourish, and then there's actually buying into it themselves. The latter is what starts wars, both trade and real, so I can't really see any country doing it. They'll be setting a precedent that no other government would be happy with.

I can see plenty of countries choosing not to squash BTC and introduce legislation that gives it some clarity. Not sure many or any will ever go further than that.

[Slow death]

Well!!

Anthony pomplian the co-founder of morgan creek says that countries whether it’s China, Russian or the US, that embrace bitcoin would be frontrunners in the financial technology space.

What's your point of view on this?

That's true, but we're talking about china and russia... if someday came satoshi and satoshi said he is a chinese citizen, i believe the chinese government would accept bitcoin without problems... or if someday satoshi came and said that he is Russian, I believe the Russian government would accept bitcoin without problems. The problem of Russia and China is that they want to be US free countries and for these two countries (China and Russia) they think bitcoin was created by the Americans and the Americans have some plan to destroy them. That's why I agree that it's good that satoshi never show his face. because only that, will be possible for all countries in the world to use bitcoin without problems.

[Oilacris]

Since the big guys already said BTC and cryptopcurrencies are the future of money, then those countries who adopts BTC and crypto I guess are the ones going to be richer than those who adopts late. Being the first always has the advantage. Lucky for those who live in the countries where their leaders are open to such technology.

Case to case basis since not all first or early adopters would really have always or do gets the positive outcome in the end.

Government wont easily adopt it or rather they are still neutral and just waiting up for the right trigger to adopt or follow on whats the trend.
Each of them do have considerations or criteria to look at and come to think that not all would have the same mindset.

[dothebeats]

Pomp has always been the bull that he is though he's not wrong when he said that whoever adopts the tech in its whole first would certainly reap all the benefits. Just like what's happening in Japan and South Korea right now. They were the first Asian countries to really step up their game in the cryptocurrency scene and as a result, they came up with regulatory frameworks and a lot of compliant services/companies with their guidelines, meaning less effort in chasing down rogue/nefarious entities should they start acting like so since the government already paved a way on how to deal with these things. Another thing perhaps is in terms of enriching the economy, and that's what most people are only looking and not at the legal implications of acting early on.

[gentlemand]

Japan and South Korea right now. They were the first Asian countries to really step up their game in the cryptocurrency scene and as a result, they came up with regulatory frameworks and a lot of compliant services/companies with their guidelines, meaning less effort in chasing down rogue/nefarious entities should they start acting like so since the government already paved a way on how to deal with these things.

Hmm. Are you sure about South Korea? It looked to me like the whole place exploded and the government stood back and flapped its arms around. The fact that you could open an exchange with an ecommerce licence, the same type as someone selling tyres or greetings cards, tells me they weren't ready.

Maybe they'll get there in the end but it's nothing like Japan's thoroughness, though going on how many hacks happen in Japan they could do with bucking up as well.

[Kemarit]

Well!!

Anthony pomplian the co-founder of morgan creek says that countries whether it’s China, Russian or the US, that embrace bitcoin would be frontrunners in the financial technology space.

What's your point of view on this?

Take away the Russians, they won't be a bitcoin friendly country period, the time when they contradict themselves is a sure sign that they won't allow it freely just go and flourish and used by the people. We all know what the Chinese is doing as well, embracing the technology behind, but not Bitcoin. As for US? we don't know, I'm sure that we've seen what the current US President said, but it doesn't mean that it reflect what the Americans consensus was. And then we have the Japan and South Korea stance, total regulatory framework (we might even call it control!).

[meanwords]

It's true at some point. With the adoption of an indestructible cryptocurrency which is Bitcoin, it would mean that the use of Blockchain would be adopted too. I think the main source is the use of Blockchain. It could change that the way a country flourish. Technological speaking, it could bring advancement in the development of other tangible/intangible things that would surely be beneficial to the country.

If you want to know more, just take a look at this interesting article: https://www.fool.com/investing/2018/04/11/20-real-world-uses-for-blockchain-technology.aspx

[NavI_027]

It's plausible that either US or Russia could mass adopt crypto but China? I'm getting a little bit skeptical about it for now because their government is having mood swings. I mean they banned ICOs before but now they're into crypto once again. I don't see on which side really they are.

Anyway, Land of the Rising Sun was halfway there already lol. They are now starting to embrace cryptocurrency. It was amazing to see that they are just a small country but have a very huge dream .

[bryant.coleman]

Well!!

Anthony pomplian the co-founder of morgan creek says that countries whether it’s China, Russian or the US, that embrace bitcoin would be frontrunners in the financial technology space.

What's your point of view on this?

Bitcoin is more than 10 years old as of now, and countries such as Japan and Switzerland have already legalized the currency. Obviously they will be having a huge advantage in the future, if the adoption and acceptability soars. If I am not wrong, Japan was the first country which took measures to legalize cryptocurrency and cypto-exchanges, and these measures were taken back in 2014. Other countries such as Switzerland and Singapore soon followed the example set by Japan.

As a technology, Bitcoin is virtually having a monopoly in its domain with a market share in excess of 65%. The second placed currency (Ethereum) is far behind, with just 8.3% share. The arrival of Libra can be a game changer, but I don't think that the dominance of Bitcoin will come under threat.

[Prateek_sharma]

Completely agree with the viewpoint. We're already seeing happen with majority of the blockchain based innovation happening in countries with favourable regulatory environments like Singapore, Switzerland. The gulf in innovation in this space will increasingly widen between these countries and ones with unclear/unfavourable regulations IMO.

That's true. Switzerland is an especially important point for me. If this country does something, then it must be a smart move, even more so if it's related to the economy. Honestly, I don't even understand why it's so hard for some people to realize it since Switzerland is well-known for its economic stability and banks. If Bitcoin was actually something risky and shady, no way Switzerland would welcome it and even allow a whole crypto hub in one of the cantons.
I really think that cryptos give African countries a chance to level up and grow their economies because they are not that deep into the traditional Western system yet.

Right

[proTECH77]

Personally I think he's correct because those countries that will take the first place of adoption of cryptocurrency will be the frontiers of the new financial system. Although my own country has not make.any move yet but waiting for others to get into the space before follow with their native tokens according to source.