Prominent Bitcoin investor and entrepreneur, Matt Odell, has revealed how the online gambling ban in the United States led him to buy significant amounts of Bitcoin when it was trading at less than US$100.
In a live Periscope broadcast hosted by Anthony Pompliano, Odell admitted he had no confidence in Bitcoin when he first discovered it in 2012.
“I thought it was going to fail, I thought it could never work.
“Then it pumped in 2013 and while it was pumping in 2013 I was like ‘Sh** maybe this could work’ and I jumped into it and I just tried to figure out how it couldn’t work.
“The more I went down that rabbit hole I was like more and more confirmed that it would work.”
The gambling ban and the simple logic that created a Bitcoin millionaire
Odell revealed it wasn’t until he had a ‘light-bulb moment’ regarding the US online gambling ban that he had the confidence to invest heavily into Bitcoin.
“The other thing that happened was you had the online gambling ban in America… I may or may not like to gamble,” he told Anthony Pompliano.
“The first thing that clicked for me was even if it’s just used by Americans to gamble online, it should be moderately successful.”
"The amount of Bitcoin (BTC) supply that has been untouched (i.e. not transferred) for at least five years recently reached an all-time high. This potentially signals that BTC is increasingly becoming a store of value, as opposed to a medium of exchange."https://t.co/GGrqOZHmnT pic.twitter.com/TwJG18lFp7
— Matt Odell (@matt_odell) July 23, 2019
The same logic still applies
Odell believes the logic that led to him becoming a Bitcoin millionaire still applies today.
While back then he was banking on online gamblers bumping up the Bitcoin price, now he says there’s a much bigger objective – Bitcoin becoming the world’s global reserve currency.
“At that point, I wasn’t saying this is going to be the global reserve currency of the world, we’ve come a long way since then.
“I think that it could be the global reserve currency… but even if its magnitude is less it’s still going to pump a sh** tonne, right?
“I think Bitcoin is the best money we’ve ever had.
“To me, I have real money… And I have US dollars. I’ve fully made that transition in my head. It feels more tangible to me, even though there’s no physical thing to hold in your hand, it feels so much more tangible.”
Pomp: ‘Bitcoin could go up $10,000 in a day’
During the one-hour interview with Matt Odell, Anthony Pompliano discussed the 2017 Bitcoin bull market and how a repeat of the price activity could play out.
“18 days, $10,000 to $20,000. So here’s what scares me, let’s say that that type of cycle repeats… Is the next move, is it like $150,000 to $300,000 in, you know, 20 days?
“The numbers of just doubling… Forget about 10 to 20, if there’s a doubling that happens right at the top of a bull market before it kind of turns over into a bear market, the numbers may literally be like it goes up $10,000 in a day.”
In June, Pompliano predicted the Bitcoin price will hit US$100,000 by December 2021.
— Pomp ???? (@APompliano) July 31, 2019