Kevin O'leary bashes Bitcoin, gets schooled by Pomp
In a recent airing of CNBC's Squawk Box, Kevin O'leary aka "Mr Wonderful" went head to head with Anthony Pompliano or better known as "Pomp" over how Bitcoin and the cryptomarket is just pure bullshit.
Kevin pointed out:
“Where is the value in owning bitcoin as an asset class? Tell me why this, which is basically a digital game, has any intrinsic value. And where is the long-term value? Just this idea that they’re going to cut the number of units in half is just a scam. That’s just total BS.”
to which Pomp calmly replied:
“Everything that’s new seems different in the beginning. And I think what you have to realize is with bitcoin specifically, money is a belief system. So the US dollar, the only reason you and I use it is because we believe it has value. So I give you a dollar, and you give me a good or service in exchange.”
“Bitcoin has value because the two people who exchange it believe it has that value. And what we’re seeing is the volume, look at people using it.”
Kevin then went on to share how he took a punt at crypto by buying $100 USD worth of "crypto crap" via "something called" Coinbase and now that's worth $30 USD, which really sucked for him.
He also raised up the point of “If it is a real currency, why can’t I pay my taxes with it?”. It seems that he was pretty uninformed as Pomp educated him that Ohio does accept Bitcoin for tax payments. In fact, U.S tax payers now even have the option to receive Bitcoin from their federal or state refunds.
Good thing there's Pomp around to educate people!