Founder of the capital management firm Morgan Creek Antony Pompliano said on CNBC’s Squawk Box that over half of his net worth is in Bitcoin (BTC). In a video published on Twitter on Aug. 6, channel’s another guest, Canadian businessman and TV personality Kevin O'Leary, called this “a shame”:
“That’s crazy. I forbid that, that’s insane, that breaches everything about diversification in investing. [...] 50 percent? shame on you! That's nuts!”
In this turn, Pompliano asked how much of O’Leary’s current net worth is in the stock market. O’Leary did not answer the question and instead stated that he does not hold over 5% in a single stock, suggesting that this choice ensures diversification of his portfolio.
Diversification in the stock market
Before this discussion took place, Pompliano also explained why — according to him — not holding Bitcoin as part of a portfolio is irresponsible:
“We’re now entering a position where it’s actually irresponsible for institutions to not have exposure to this asset, and the reason is their job is to find assets that actually can provide non-correlation to the rest of the markets, especially in times of global instability.”
As Cointelegraph reported last month, previously O'Leary said that cryptocurrencies pose serious compliance challenges for the financial services industry.
In a tweet on Aug. 5, the veteran gold bug and well-known Bitcoin naysayer Peter Schiff also slammed CNBC for giving Bitcoin more airtime than gold.