Bitcoin Is First and Most Popular DeFi Product, Anthony Pompliano Says, Here's Why

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Mon, 10/19/2020 - 10:38
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Yuri Molchan
Bitcoin maxi Anthony Pompliano calls BTC the first and most popular DeFi product, explaining why real DeFi projects are not good for investors and the market
 Bitcoin Is First and Most Popular DeFi Product, Anthony Pompliano Says, Here's Why
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Rigorous Bitcoin advocate and hedge fund manager Anthony Pompliano has referred to Bitcoin as the best DeFi product, obviously trolling DeFiers and advocating the flagship digital currency again.

"Bitcoin is the most popular DeFi product"

Pomp took to Twitter to announce that he had dedicated this weekend to reading about DeFi. The conclusion of those quick studies were brought together in a tweet that astonished many DeFi supporters:

Very obvious Bitcoin is the first and most popular DeFi product.

However, Pompliano pointed out that he is open to learning about other worthy projects.

The influencer stated that 95 percent of what he had read over the weekend were "scams, market manipulations or unsustainable."

He wrote that he wants to see a project working at this very moment and have a clear understanding of why it is gaining traction on the market.

I'm not interested in the nonsense. Just want to see what is working right now and understand why the market is adopting it.

When asked by a commenter how exactly he defines a scam, Pompliano provided the following definition:

People intentionally misleading others or attempting to structure something that takes advantages of other people.

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Controversial attitude to DeFi

Decentralized finance, or DeFi, has been trending recently, gaining more and more popularity with investors.

Mostly based on Ethereumalthough other chains are launching it now too, such as Tron and Binance Chainthose dapps allow users to leverage their crypto savings to lend to other projects and let crypto builders borrow. Lenders in DeFi can earn high interest on their crypto (yield farming), which makes it very attractive on the one hand.

However, on the other hand, some experts compare it to the previously popular form of fundraising, the ICO. Among them is prominent trader Tone Vays, who recently stated that DeFi is an "even bigger idiocy than ICO was," since the organizers of a project can create an exit scam or DeFi coins can first surge due to a pump and then plunge in price, costing investors a lot of money.

Pomp's take on Bitcoin

Anthony Pompliano is a renowned Bitcoin advocate. Multiple times, he has referred to it as the best hedge against inflation in the long term, which this year has been performing even better than another popular safe haven asset: gold.

Recently, such behemoths as Microstrategy and Square have allocated a substantial amount of USD to Bitcoin. Microstrategy, under the command of CEO Michael Saylor, spent over $400 mln, and Jack Dorsey-led Square Crypto acquired $50 mln worth of Bitcoin.

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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.