Anthony Pompliano, an angel investor and Bitcoiner, discussed with CNBC his perspective on why Bitcoin outshines other savings assets. He further shared that a long-held aspiration among Bitcoin enthusiasts has become reality once more, leading to significant implications for gold’s market worth over the last five years.
Currently, Bitcoin, the world’s primary cryptocurrency, is bouncing back slightly following its decline on Wednesday.
Gold narrative as protector of purchasing power debunked by Bitcoin
During an interview on CNBC’s Squawk Box program, Anthony Pompliano, also known as “Pomp,” expressed that Bitcoin had performed exceptionally well in spite of the significant decline observed during the weekend.
A few years back, investors longed for Bitcoin to drop down to $64,000, according to him. Bitcoin has surged around 40% this year so far. He brought up the last halving that occurred four years ago. Since then, Bitcoin’s price has skyrocketed by an astounding 800%, going from $8,000 to $64,000. In his opinion, this is a remarkable and powerful improvement.
“A few years ago, it seemed unimaginable for Bitcoin to drop as low as $64,000. However, its value has surged by an astonishing 800% since the last halving. On the other hand, investors holding gold over the past 5 years have experienced a decline in purchasing power. In my opinion, Bitcoin represents the advanced method of saving.”
— Pomp 🌪 (@APompliano) April 17, 2024
Simultaneously, Pompliano criticized gold’s value storage ability, a belief that has stood for centuries. He argued that during the last five years, this precious metal had only risen by approximately 11%, and its growth rate was just 7% in the current year, 2024. According to him, if someone held gold over this period, they would have experienced a loss in purchasing power due to inflation surpassing gold’s performance.
Essentially, the expert argues that the idea of gold as a protector of purchasing power has been disproven recently. In contrast, Bitcoin has established this role effectively over the past five years.
Reasons why Bitcoin is going up – Pompliano
According to Anthony Pompliano, there are some significant reasons why Bitcoin, the largest cryptocurrency, has been increasing in value this year. One explanation is the influx of purchases from Bitcoin ETFs as they acquire all available Bitcoin. Another reason is investors’ anticipation of the upcoming halving event and the potential price surge that may follow.
An alternate expression for this could be: Pompliano cited a third point: The American government faces significant issues with its mounting national debt, and the value of the US dollar is being weakened through debasement.
Over the weekend, when Bitcoin unexpectedly plummeted, the investor described his actions as selling due to fear caused by Middle Eastern tensions.
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2024-04-18 16:09