2 years ago
Date: 25 Feb 2022 - 14:12

America needs to ldquoget very serious about its Bitcoin strategy as a nationstaterdquo said Pompliano.Bitcoin is a US technology ldquofrom an ethos standpointrdquo he added.Most of the selling pressure around BTC is from shortterm holders and institutional traders likely to be positioned at a loss.Antony Pompliano the cofounder of Morgan Creek Digital and ardent Bitcoin bull has urged the US to take the lead in embracing Bitcoin.Speaking to CNBCrsquos ldquoSquawk Boxrdquo anchor Andrew Ross Sorkin Pompliano said that the United States needs to take this step on the ldquooffchance that 0.01 that the US dollar ends not being the global reserve currency used by every single country in the world.rdquoTerming this outlook a matter of national security the investment analyst noted that more and more US political figures have started talking about Bitcoin adoption at the national level.However he says the US doesnrsquot seem to have a strategy on how to take initiative and become the leading destination of this transformative technology.According to him America would do well to be the biggest holder of Bitcoin noting that it BTC is the biggest decentralised digital currency not under the control of any single entity.About 30 of Bitcoinrsquos hashrate is in the US following last yearrsquos exodus of miners from China into the country and other friendly locations. But despite this the analyst believes the US needs to have a strategy.ldquoWe need to get very serious about what is our Bitcoin strategy as a nation staterdquo he told Sorkin during the ldquoSquawk Boxrdquo show.Stating that the US needs to take a leading role going forward Pompliano notedldquoBitcoin is an American technology from an ethos standpoint. Itrsquos about censorship resistance itrsquos about free speech itrsquos about self sovereignty and individual rights.rdquoHis comments came as markets across the world looked to bounce from a sharp selloff triggered by Russiarsquos invasion of Ukraine. Bitcoinrsquos value had dipped below 35k as it looked like sellers would push it to critical support around 30000.About Bitcoinrsquos price movement and the selloff alongside stocks Pompliano said that the pressure is mostly from shortterm holders and institutional traders. These groups of BTC holders are likely to be ones selling at a loss he opined.Longterm holders and most people are in profit he said based on the realized price metric that puts the average cost basis in the mid 20000 region.And with Bitcoinrsquos bounce above 38000 on Thursday Pomp says a lot of the selloff pressure might ldquobe behind us.rdquoThe post Pompliano The US needs to embrace Bitcoin immediately appeared first on Coin Journal.

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