The future will not bring competition between digital and non-digital currencies, but between monetary policies, according to Anthony Pompliano.
Pompliano made his comments on CNBC’s Squawk Box, Sept. 27. Ultimately, he believes, people will choose Bitcoin, as a currency that governments can’t control.
The U.S. government should tokenize the dollar immediately
Pompliano was being questioned on how Bitcoin can remain a store of value once the dollar and other currencies have become digital.
Firstly, he said that if he were the US government, he would tokenize the dollar immediately, noting that China is creating a digital Yuan and other countries would follow suit. All money would eventually be digital, he said, and the competition will be between different monetary policies.
However, if the digital Yuan becomes available but a digital dollar is not, then countries will find it easier to buy the Yuan, threatening the dollar’s position as the global reserve currency.
So why would people own Bitcoin if they can own a digital dollar?
When pressed on the original question, Pompliano said that he ultimately believed that people would opt for something that is not manipulatable, nor seizable, nor censorable.
The movement may be slow at first, he said, but people will ultimately choose a currency that the government can’t control.
Morgan Creek Digital co-founder, Pompliano, is a huge advocate of Bitcoin, recently suggesting that its pseudonymous inventor, Satoshi Nakamoto, should win the Nobel Peace Prize for its creation.