Morgan Creek Founder Bets of Facebook Building the "Most Used Product In Crypto"

Bhushan Akolkar
By Bhushan Akolkar
Posted on Dec. 7, 2018
Morgan Creek Founder Bets of Facebook Building the "Most Used Product In Crypto"

Anthony Pompliano, founder and partner at Morgan Creek Digital Assets is putting a huge bet on tech giant Facebook saying that it has the potential to build the “most used product in crypto”. Pompliano said this in a response to the tweet by Mike Dudas, founder of The Block.

Dudas shared a screenshot on his account showing that Facebook is hiring blockchain engineers. However, the role and purpose of the job was not clearly defined. Pompliano was quick to respond to his tweet as he believes that Facebook has a huge track record of “development, scaling, and deployment” of projects. He thinks that it is just matter of time when Facebook will dominate the crypto space.

Facebook’s Blockchain and Crypto Ambition

Following a massive bull-run of the crypto market in 2017, Facebook founder Mark Zuckerberg expressed his desire to explore the decentralized blockchain technology in a Facebook post. He wrote: “A lot of us got into technology because we believe it can be a decentralizing force that puts more power in people's hands”. 

Since then a lot of news have surfaced about Facebook’s work progress in this sector. One reported suggested that Facebook is planning to build a crypto projects on the Stellar Lumens blockchain network. Another report from Cheddar in May 2018 claimed that Facebook is experimenting with a native cryptocurrency to help its huge user-base perform global transactions.

However, there’s still no official announcement from the company itself about its plans. Despite Pompliano believes that Facebook has assembled a massive workforce of talent and experience for its projects. 

In a series of further tweets, Ponpliano said: “They have more 1B user products than any other company I believe. They out-executed everyone historically. You could go at most corporates, but Facebook ain’t it. […] Betting against David Marcus, Kevin Weil, Morgan Beller, Zuck, Chris Cox, and the FB growth team is insanity. I’ll ride with that crew any day when it comes to building, launching, and scaling products. Ask their competitors how it went last time.”

Morgan Creek’s $1 Million Bet on the Future of Cryptocurrency Market

The digital assets manager has recently put a $1 million bet saying that the crypto market will overshadow the S&P 500 in the next decade. The asset manager is challenging anyone who believes that digital currencies are not worth. In an email to CoinDesk, Pompliano wrote: “It (crypto market) outperformed over the last 10 years and we believe that will not change moving forward for the next 10 years,” he added, though the firm is “definitely not going off past performance” alone.

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