Bitcoin bull Pompliano says BTC will be bigger than gold and ‘the leader in the recovery’

Anthony Pompliano, co-founder and partner at Pomp Investments, is convinced that Bitcoin’s solid monetary foundations will lead it to surpass the size of the gold market following the impending halving event.

In an interview on Fox Business on April 17, Pompliano expressed his continued optimism towards Bitcoin. He pointed out that over the past four years, Bitcoin has outperformed all other assets during the period following the last halving event.

“Four years have passed since the last Bitcoin halving, which occurred when its price was around $8,000. Now, it’s valued at approximately $64,000. Can you name another asset that has shown such remarkable growth over a four-year period?” – Pompliano responded to concerns about Bitcoin’s recent price correction.

Bitcoin bull Pompliano says BTC will be bigger than gold and ‘the leader in the recovery’

Starting from April 12, Bitcoin wasn’t the sole asset to experience a downturn in the crypto market. Concurrently, gold and other financial markets saw similar declines due to heightened geopolitical tension in the Middle East.

Since the Iranian drone and missile attack against Israel on April 13, Bitcoin has experienced a decrease of over 9%, and Ether (ETH) has dropped by approximately 8%. According to TradingView’s data, the S&P 500, Nasdaq 100, and gold index have also suffered losses. Specifically, the S&P 500 and Nasdaq 100 have dipped by 1.83% and 3.5%, respectively, while the gold index has seen a more substantial decline of around 5%.

Pompliano said,

“So, when people saw Bitcoin go down on Saturday, they said, “Oh, my God! Bitcoin went down!” So did gold, and so did any other financial market that was open.”

During political instability, investors often prefer to convert their assets into safe-haven currencies like the U.S. dollar. Consequently, they may choose to sell off assets such as Bitcoin, gold, stocks, and bonds.

According to Pompliano’s perspective, once the market turbulence subsides, Bitcoin is expected to spearhead the economic revival and carry on being the frontrunner for another four-year growth trend following its halving event.

“What will happen is that on the way back up, Bitcoin will be the leader in the recovery, and my guess is that it will continue to perform just as well as it has for the last four years, for the four years to come.”

He also highlighted that Bitcoin and gold hold sound money principles in that they are assets “outside the system that no one can create more.” He further explained that those who are looking for “downside protection” should buy gold because it is less volatile. However, Bitcoin is the best option for those seeking to increase their purchasing power.

“The digital version of a product is always bigger and more valuable than the analog version of it. And so, Bitcoin will be more valuable than gold one day.”

Bitcoin bull Pompliano says BTC will be bigger than gold and ‘the leader in the recovery’

The approaching Bitcoin halving is expected to bring about substantial changes in market trends. According to Pompliano, this event, happening soon, might lead to a “selling the news” situation, but he urges investors to continuously purchase Bitcoin with a focus on its long-term benefits.

“I always tell people that if you buy Bitcoin and you are trying to predict what the price is in an hour or a day, a week, or even a month, that’s probably a fool’s errand. Instead, what you should think about is, “This is a savings technology. ””

An investor shared his conviction in the strategy of consistently investing a set dollar amount in Bitcoin through dollar-cost averaging. He emphasized that individuals who practice this method persistently would likely experience significant gains.

Pompliano revealed to the Fox Business anchor that Bitcoin makes up more than 50% of his portfolio.

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2024-04-17 23:48