Bitcoin Bull Anthony Pompliano Says BTC Could Save General Electric Employees’ Pension

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Tue, 10/08/2019 - 10:20
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Yuri Molchan
Bitcoin bull Anthony ‘Pomp’ shares information about difficulties in the pension scheme of General Electric giant, says Bitcoin is a way out for pension funds
Bitcoin Bull Anthony Pompliano Says BTC Could Save General Electric Employees’ Pension
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The co-founder of the Morgan Creek Digital fund and a prominent Bitcoin evangelist Anthony Pompliano often comes up with new arguments for an increase in Bitcoin adoption by financial institutions globally.

In one of his interviews to CNBC, he stated that it is irresponsible for modern institutional investors not to have Bitcoin in their portfolio. Recently, he said that Bitcoin offers different things to different people, such as being impossible to be seized or manipulated by governments.

General Electric freezes pension for its employees

Now, Pompliano has shared news that the General Electric giant has left 20,000 of its staffers without pension. He points out that the pension issue is only going to become worse in the future and that pension funds should embrace Bitcoin.

Pompliano seldom mentions Bitcoin’s volatility but all his forecasts imply that in the near future Bitcoin price is going to surge tremendously. He does often warn his followers on Twitter to invest in Bitcoin and other crypto only what they can afford to lose.

This is not the first time, Pomp has mentioned the problem of pensions in the US.

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Hong Kong, India are embracing Bitcoin

In his daily letter to investors of Morgan Creek Digital, Anthony Pompliano looks at several regions that are turning towards Bitcoin actively right now or that can potentially welcome a wide Bitcoin adoption.

In particular, he looks at Hong Kong, India and Venezuela. As was reported by U.Today on Monday, due to the protests in Hong Kong and a severe response from the police and the military against people marching in the streets, local ATM are either empty of cash or have very long queues. This could be a ready environment for Bitcoin adoption.

Besides, he mentions a very high trading volume in Hong Kong recently, as well as a great capital flight from the country.

He also talks about the current situation with banks in India and hyperinflation in Venezuela. The population in India has a high potential to use Bitcoin. Venezuela has been doing it since 2017 and earlier and is even planning to start forming its foreign reserves, using Bitcoin and Ethereum.

Pompliano writes:

“Bitcoin provides a transparent, disciplined system that continues to store wealth safely. Now this doesn’t mean that individuals are going to place 100% of their wealth in Bitcoin tomorrow. The asset is still highly volatile. But just as I mentioned in the beginning of this letter, Bitcoin’s properties of 24/7/365 access, non-seizability, and non-censorship become much more important to people in areas where lack of access to your wealth becomes a problem.”

What's your view on the pension issue in the US? Can Bitcoin help solve this approaching problem? Feel free to leave a comment!

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.