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Bitcoin is the ‘One Shot’ to Separate State and Money, Pomp Argues

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Although he does not consider himself a bitcoin (BTC) maximalist, Anthony Pompliano, co-founder of Morgan Creek Digital and host of the Pomp Podcast, still finds that bitcoin will become the currency to rule them all. This coin is the only chance to separate money from the state, he says.

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Speaking on the Altcoin Daily podcast, Pompliano said that “there’s only gonna be one currency” that will rule all others in the future, and this will be bitcoin.

Says Pompliano:

“We get one shot at separating money from the state, and that’s gonna be bitcoin,” the popular podcast host said. He argued that “if bitcoin does not work, we will never separate state and money.”

Further, Pompliano said that the reason why bitcoin’s ultimate success or failure will determine whether money and state can be separated is because money is “all about trust.”

“Money is not a technology problem, it’s a trust problem,” he explained, while using the lack of trust in fiat currencies like the inflation-plagued Venezuelan bolivar as a real-world example of why this is so important.

However, when asked about his view on bitcoin versus the many altcoins on the market, Pompliano said that he does “not at all” consider himself a bitcoin maximalist.

“It’s less about maximalism around a single blockchain,” he said, but instead more about what distributed ledger technology have the potential to do for the world.

“To me, the breakthrough in all of this, is triple-entry accounting, or what I call automated finance,” he said. What this does, according to Pompliano, is “connecting balance sheets” with each other and “turning them into a shared ledger where you, I and ten other people can all now transact with each other in a very connected way.”

“Triple entry accounting will be the most disruptive innovation in our lifetime, hands down, period,” the crypto thought leader explained his view by saying.

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Learn more: Why Pomp Thinks You Should ‘Long Bitcoin, Short the Bankers’