The American podcaster and Bitcoin maximalist, Anthony Pompliano says founders should steal market shares. Pompliano made the statement through a post that he made on Friday, May 13.
Pomp, as he is fondly called, wrote that the best strategy that founders can use to remain relevant in the crypto space is by stealing market shares from weak projects. Apparently making reference to the recent crash in the value of the Terra blockchain token and the temporary halt of the blockchain, Pompliano said that such situations are what project founders should take advantage of.
The early investor said that throughout the week, that he has made efforts to pass this message across to founders. He said that the need for focus for leaders of blockchain and cryptocurrency projects cannot be overemphasized. The weaker projects, when they fail, create opportunities that the stronger ones could exploit.
Surviving Prolonged Downturns
According to him, project founders should always make sure that they have built in systems that help them to overcome “prolonged downturns”
His advice for founders:
“Make sure you’re going to survive a prolonged downturn, remove all the distractions, and focus on stealing marketshare from anyone who is suffering right now.”
Pompliano, in a later update, highlighted the need for young people to learn effective communication skills. He said that this is necessary irrespective of the line of business they later find themselves in. It is not clear if this statement is linked to an earlier one by the Binance CEO, Changpeng Zhao, who said that the Terra team did not communicate effectively with the exchange when the Terra crisis started.
Keeping Abreast of The On-Chain Data
In a May 12 broadcast, Pomp said that as the coin market is crashing, instead of freaking out, that investors should calm down and start looking at the on-chain data of the assets that they’re interested in. He said that these set of data are important since they cannot be altered.
“It shows you exactly what is going on in the Bitcoin Network”
Pompliano is an early startup investor. He has stakes in companies such as Lyft and Reddit among others. He is also a co-founder of Morgan Creek Digital Assets Company. In a 2019 interview, he admitted that half of his wealth is in cryptocurrencies.