Anthony Pompliano, the co-founder at Morgan Creek Digital and outspoken Bitcoin bull, said that over 50 percent of his net worth was in BTC in an interview with CNBC’s Squawk Box. He was then slammed by Shark Tank judge Kevin O’Leary, who said it went against the rules of investing and diversification, calling the move “insane.”

CNBC’s Squawk Box has become one of the few mainstream platforms for discussing cryptocurrency. The show has hosted some of the most notable faces in the crypto industry, including Fundstrat Capital’s Thomas Lee and Galaxy Digital CEO Mike Novogratz. Recently, the show hosted Anthony Pompliano, the partner at Morgan Creek Digital, and one of the most outspoken Bitcoin advocates in the industry.

Pompliano was joined by Kevin O’Leary, a Canadian investor best known for his role as the shrewd money-hungry judge on ABC’s “Shark Tank.” During the short time slot on Squawk Box, the two had a heated discussion about the volatility and lack of real-world usage for crypto.

To prove that the extreme volatility of digital assets discouraged people from investing in it, O’Leary asked Pompliano how much of his wealth he held in cryptocurrencies.

“If you’re such a believer, how much of your own dough is in it?” O’Leary asked, seemingly unprepared for the answer that was about to ensue.

….

“Over 50 percent of my net worth is in Bitcoin,” Pompliano responded.

"I teach this stuff you never go beyond concentrations of that nature. 50% shame on you! That's nuts!" @kevinolearytv tells @apompliano #btc pic.twitter.com/e4pTEt5sgC

— Squawk Box (@SquawkCNBC) August 6, 2019

A known crypto skeptic, O’Leary was visibly shocked by the response.

“I forbid that, that’s insane. That breaches everything about diversification and investing. That’s crazy!” he told Pompliano. He went on to call the move “crazy,” saying that people should never go beyond concentrations of 20 percent when investing in a single asset.

However, Pompliano went on to explain why he put over half of his net worth into cryptocurrencies. He said that despite being highly volatile, Bitcoin has actually proven itself as a non-correlated asset. That means that it is one of the few asset classes that isn’t heavily influenced by macroeconomic events such as political turmoil.

Pompliano explained that the negative correlation between Bitcoin and other financial markets was shown when the coin surged 55 percent after the trade war between the U.S. and China escalated in May. At this point, he said in a recent blog post, it was almost irresponsible for institutions not to invest in Bitcoin.

Bitcoiners lauded Pompliano’s argument. Many on social media criticized O’Leary as being “condescending” and “arrogant” while giving out advice on things he “didn’t fully understand.” Pompliano, on the other hand, received criticism about being “too soft” on O’Leary.

That said, these criticisms should be taken with a grain of salt considering that most of Pompliano’s followers tend to be hardliners about crypto. Nevertheless, it seems the mainstream debate over the merit of Bitcoin continues.

The post Morgan Creek’s Anthony Pompliano keeps over half his net worth in BTC appeared first on CryptoSlate.

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