Bitcoin Price Expected to Accelerate and Reach New Highs, According to Anthony Pompliano as BTC Price Hits All-Time High
Bitcoin Resurgence: Anthony Pompliano’s Take on the Bullish Momentum
Bitcoin is experiencing a remarkable resurgence, nearing its historical highs from a few years ago. Anthony Pompliano, the founder of Pomp Investments, recently discussed the current state of Bitcoin in an interview, shedding light on the key factors driving its bullish momentum.
In a CNBC interview on March 5th, Pompliano likened Bitcoin’s recent performance to a “rocket ship.” He emphasized the transformative impact of Bitcoin’s Exchange-Traded Fund (ETF) approvals and notable institutional investments, such as BlackRock’s $11 billion allocation to the ETF.
Pompliano highlighted that Bitcoin has witnessed significant inflows, with an astonishing 12 times more demand. He attributed this surge to the newfound mainstream acceptance of Bitcoin.
“It started slow, but then it has been a rocket ship. If you look at the last 60 days and the next 60 days, the ETF approvals were a huge deal. BlackRock with $11 billion in the ETF. They have added $1 billion in the last day. These are massive inflows for one fund. There are 11 of them. Massive money coming in. 12 times more demand,” Pompliano stated.
When discussing Bitcoin’s future trajectory, Pompliano drew references from previous record-breaking moments. He highlighted Bitcoin’s historical tendency to double in price within 18 days or less after surpassing an all-time high.
Pompliano expressed optimism about Bitcoin’s upward trajectory, particularly with the impending halving and increased mainstream adoption.
“Once you break through the all-time high, what is this worth? The world is figuring out that. In 18 days or less, it doubled in price. You add in the halving, and we go from 900 per day to 450,” Pompliano noted.
While Pompliano remains bullish on Bitcoin, he emphasized the importance of responsible investment practices. He cautioned against excessive risk-taking, especially for new investors, and urged caution and prudence.
Pompliano also highlighted the significant role played by institutional investors in Bitcoin’s market dynamics. He mentioned three main buyer categories – pension funds, sovereign wealth funds, and ETF opportunities – that are influencing the market.
He underscored the potential impact of institutional participation, citing instances of pension funds experiencing substantial returns on Bitcoin exposure. Pompliano also noted the growing interest of sovereign wealth funds.
“The CIOs there are up 12X on the exposure to Bitcoin in that fund. There are four funds last year in all of state public pension funds fully funded. If they all put 1% in Bitcoin, there is a strong possibility a number of the funds would get back to fully funded status in the next 15 to 20 years,” Pompliano explained.
Pompliano addressed the correlation between Bitcoin and traditional safe-haven assets, particularly gold. He attributed the recent strength in both Bitcoin and gold to concerns about inflation and the rapid growth of global debt.
“If you believe the dollar is debased, Bitcoin is a winner,” Pompliano said.
He also highlighted Bitcoin’s current market capitalization, which has surpassed $1.35 trillion and outperformed the bond market. Pompliano focused on Bitcoin’s potential to exceed gold’s market cap and expressed a bullish outlook based on its perceived superiority.
“Today, Bitcoin at $1.35 trillion is higher than the bond market. It will go past gold eventually. Bitcoin is a 10X improvement on gold,” he remarked.
In conclusion, Anthony Pompliano’s insights shed light on the current state of Bitcoin and its potential future trajectory. With increasing institutional involvement and growing mainstream acceptance, Bitcoin’s resurgence appears to be on a promising path.