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Bitcoin has a new fan. Comedian Bill Burr, arguably one of the biggest comedians in the world following his Netflix special “F Is for Family,” announced that he is going to invest in the world’s number one digital currency by market cap after speaking with bitcoin bull and investor Anthony Pompliano.
Anthony Pompliano Can Chalk Up Another Investor to His Credit
Pompliano was recently a guest on Burr’s podcast, and after a conversation that lasted more than an hour and 25 minutes, Burr found himself completely convinced. The discussion centered around the 2008 financial crisis that saw many of the banks in the United States collapsing and requiring government bailouts. The period also resulted in the crash of the housing market and more job losses in America since the Great Depression of 1929.
At the end of the conversation, Burr announced plain and clear:
I’m getting bitcoin.
Interestingly, Burr is not the only one who suddenly feels newfound respect for the cryptocurrency. The coronavirus has caused many people to revisit the idea of digital assets as they seek new ways of hedging their wealth against economic strife and diversifying their portfolios. The stimulus checks that emerged between March and May for Americans that made less than $75,000 per year set a lot of people on edge.
While it was nice to put a little extra money in the bank, many analysts and members of the public alike thought twice about the notion of introducing a $2.2 trillion economic spending bill to the American people. That’s a big number, and many felt that the repercussions of simply printing money out of thin air would cause serious problems in the long run. This sounded like a recipe that would bring about inflation and other massive issues.
As a result, bitcoin became the go-to asset for many people, and the currency exploded in price, shooting up from the high $3,000 range to about $9,000 by the time its third halving was scheduled to occur.
Discussing the benefits of bitcoin, Anthony Pompliano said in an interview:
The reasons people are so excited about bitcoin is that no one can print it. No one has control over it… At some point, the U.S. dollar isn’t going to be the world’s reserve currency. I believe that at some point, whether it’s in ten, 20, or 50 years’ time, bitcoin will be the world’s reserve currency.
USD Holds the Main Position
Prior to USD’s powerful economic status, the world saw the Dutch glider and the British pound as the reserve currencies in the 18th and 19th centuries, respectively. It was during the last century that the U.S. dollar found itself holding the number one spot on the financial ladder.
But bitcoin was created during the 2008 financial crisis, which means many see it as an alternative to what they consider to be an already failed form of fiat.