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‘The Great Accumulation’ of Bitcoin has begun, says Gemini’s Winklevoss

June 22, 2023 Coin Telegraph

Anthony Pompliano

With spot Bitcoin ETFs filings helping boost the price of Bitcoin, some suggest the “window to front-run institutional demand is closing.”

Recently renewed optimism for an approved Bitcoin (BTC) spot exchange-traded fund (ETF) is igniting “The Great Accumulation Race” for Bitcoin, according to industry pundits.

Over the past week, Fidelity, Invesco, Wisdom Tree and Valkyrie have followed investment giant BlackRock in applying for a Bitcoin spot ETF with the United States Securities Exchange Commission, which some analysts believe is the reason for Bitcoin’s 19% price surge to $30,240 since June 16.

5 Bitcoin ETF applications in 5 days!
- Blackrock
- Fidelity
- Invesco
- Wisdom Tree
- Valkyrie
— Lark Davis (@TheCryptoLark) June 21, 2023

Cameron Winklevoss, the co-founder of cryptocurrency exchange Gemini, stated on June 21 that he believe“The Great Accumulation” of Bitcoin has begun between institutions and retail investors.

He suggested that buying Bitcoin prior to the ETFs hitting the public market is akin to that of a pre-Initial Public Offering purchase and suggested that the “floodgates” for buying Bitcoin are “closing fast.”

The Great Accumulation of bitcoin has begun. Anyone watching the flurry of ETF filings understands the window to purchase pre-IPO bitcoin before ETFs go live and open the floodgates is closing fast. If bitcoin was the most obvious and best investment of the previous decade, this…
— Cameron Winklevoss (@cameron) June 21, 2023

MicroStrategy Chair Michael Saylor weighed in on the subject in his own post, suggesting that retail investors may soon be pushed aside by increasing institutional demand:

“The window to front-run institutional demand for Bitcoin is closing.”

Bitcoin is currently trading hands for $30,240, while the Crypto Fear and Greed index has skyrocketed from 49 (Neutral) to 65 (Greed) in just the last two days.

*Bitcoin Fear and Greed Index at 65 as of June 22. Source: Alternative.me*

In a June 21 interview with CNBC, Bitcoin investor Anthony Pompliano said he expects a tug-of-war to play out between retail investors and Wall Street:

“We have institutions and individuals scrambling to try to get their share of the 21 million Bitcoin that will ever be in existence. The retail investor for 15 years now has a head start and has accumulated all the Bitcoin that’s been mined and put into circulation, but 68% of that hasn’t moved in a year.”

“People forget that bitcoin went from $0 to nearly $1 trillion market cap with almost no institutional participation,” said Pompliano in a June 21 Twitter post.

So when “Wall Street and BlackRock show up to the market,” Pompliano expects Bitcoin to become “highly illiquid” because retailers “don’t want to sell to Wall Street,” he added during the CNBC interview.

BlackRock shows up and bitcoin is up 20% for the week.

People forget that bitcoin went from $0 to nearly $1 trillion market cap with almost no institutional participation.

If retail investors were good for $1T, what do you think happens when the deep pockets come play?
— Pomp (@APompliano) June 21, 2023

Meanwhile, Dylan LeClair, a Bitcoin analyst and founder of 21st Paradigm explained that Bitcoin’s price is now “extremely inelastic” — “more so than ever” — amid the recent ETF filings, which are serving as a “catalyst” for large amounts of new flows into the market.

However, LeClair predicts that no ETF application will be approved by the SEC until January or February 2024 at the earliest.

Bitcoin's supply is extremely inelastic, more so than ever currently.

A spot ETF is obviously a catalyst for a large amount of new flows to come into the market, which not only has changed the narrative but has prompted others to front run said future flows.

TLDR: Send it. pic.twitter.com/Jd8Gm8o3Mx
— Dylan LeClair (@DylanLeClair_) June 21, 2023

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Crypto recruitment execs reveal the safest jobs amid layoff season

January 18, 2023 Coin Telegraph

Anthony Pompliano

The crypto industry has already seen more than 1,600 layoffs across the industry in the first two weeks of January.

Despite a wave of heavy crypto layoffs to start the new year, employees in technical and engineering roles, as well as senior management, will likely continue to see “strong demand” for their skills, recruitment professionals believe.

It’s been a tough first few weeks of 2023 for crypto businesses and their staff. Within just two weeks, the market has already seen more than 1,600 crypto-related job cuts as a result of continued market volatility and uncertainty.

However, not all departments have seen the same level of cuts.

SAFU: Senior-level tech and engineering

Rob Paone, founder and CEO of crypto recruitment firm Proof of Talent, told Cointelegraph that technical and engineering roles are by a “wide margin” the most in-demand jobs, even during bear markets.

He said his firm is still seeing “strong demand” for these functions, adding that these salaries are still “very competitive” despite “bidding war type scenarios” no longer being the case for these employees.

Johncy Agregado, director of crypto recruitment firm CapMan Consulting, said that it’s common for mid-level roles to be trimmed during a bear market, but said that senior functions tend to “double or triple” during a bear market.

Agregado added that roles such as chief technology officer and chief information security officer tend to be safe, because people in those positions have to maintain the fluidity of the business and keep “things in order” while the market corrects itself.

Not SAFU: ‘Non-mission critical’

Paone however said the jobs that crypto firms tend to cut first are “usually around” in-house recruiting, customer service, compliance, and anything “non-revenue or product generating.”

Investor and podcaster Anthony Pompliano — who is also the founder of crypto recruitment firm Inflection Points — said while each company approaches bear markets differently, he has historically seen the “non-mission critical jobs” affected most by layoffs.

These roles, according to Pompliano, are any roles outside of product, engineering, operations, customer service and management.

Commenting on the ongoing bear market, Pompliano said he has heard “numerous reports” of salary reductions in smaller companies, while others have put a freeze on raises and annual bonuses.

Paone also added that in some cases, even those in technical roles might not be able to entirely avoid job cuts, explaining that the crypto firms forced to make “deeper cuts” have had to reduce their engineering and product teams too.

Recent months have seen a string of crypto firms, particularly exchanges, cutting staff amid the market downturn.

Last week crypto exchanges Crypto.com and Coinbase both announced cuts to its global workforce.

Crypto.com CEO Kris Marszalek tweeted on Jan. 13 that the exchange had made the “difficult decision” to reduce its global workforce by “about 20%” because of the tough market conditions and recent industry events.

Meanwhile, Coinbase CEO Brian Armstrong announced on Jan. 10 that the exchange would cut 950 jobs as part of a plan to reduce operating costs by around 25% amid the ongoing crypto winter.

Crypto exchange Binance was one of few to announce the opposite, hinting at plans for a “hiring spree” in 2023 during a crypto conference in Switzerland.

However, Paone suggested that while crypto layoffs have been front and center, it hasn’t prompted crypto professionals to pivot away from the industry.

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Crypto industry was ‘judge, jury and executioner’ for FTX: Pompliano

November 18, 2022 Coin Telegraph

accountability

The crypto investor and Bitcoin bull said that in crypto, market forces tend to eliminate bad people as quickly as bad businesses.

Prolific podcaster and cryptocurrency investor Anthony Pompliano has not lost faith in people or the crypto industry despite the disappointing conduct of former FTX CEO Sam Bankman-Fried.

Bankman-Fried, once widely regarded as crypto’s “white knight” is now a pariah in the crypto industry due to — by his own admission — the “careless” mishandling of FTX customer funds and his ongoing strange behavior on Twitter.

Appearing on Nov. 17 at the Texas Blockchain Summit, Pompliano was asked about how to ensure high-quality representation “in the halls of power,” responding that market forces eliminate bad people as quickly as bad businesses:

“It might be a little counterintuitive, but the free market is a hell of a fucking referee. If you watch what just happened, this industry is who held the industry accountable. […] CZ is the one who used market forces to take that company [FTX] down,” he said.

“At the end of the day, the judge, jury, and executioner was the free market and the industry itself.”

Pompliano continued, “The good people, they survive, the bad people, they end up getting washed out.”

Always enjoy visiting the great state of Texas, where the citizens understand the importance of private property, personal defense, and economic liberty pic.twitter.com/5POeuSDuex
— Pomp (@APompliano) November 17, 2022

Speaking on CNBC on Nov. 15, Pompliano said, “I think there are a lot of people saying, ‘I don’t have any information. I don’t know what’s going on.’”

Pompliano added he had businesses with money on FTX's platforms and an advertising relationship with the crypto exchange.

Pompliano, an ardent Bitcoin supporter, founded North Carolina-based Morgan Creek Digital Assets with Mark Yusko in 2018. He also runs the Pomp Crypto Jobs website. He has attracted attention for saying pseudonymous Bitcoin creator Satoshi Nakamoto deserves a Nobel Peace Prize, advocated for the inclusion of crypto in pension funds, and dismissed crypto mining’s energy consumption saying, “crucial things in the world use energy.”

Morgan Creek Digital Assets was reportedly putting together an alternative offer for BlockFi before FTX invested $680 million in the crypto lender in a bailout in July.

Anthony Pompliano

SAFU: Senior-level tech and engineering

Not SAFU: ‘Non-mission critical’

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