As a seasoned researcher with years of experience observing and analyzing financial markets, I find Anthony Pompliano’s insights particularly intriguing. His perspective on Bitcoin’s resilience and potential growth is both thought-provoking and challenging to traditional investment wisdom.
Recently, on his podcast, Morgan Creek Digital co-founder and partner Anthony Pompliano discussed his thoughts about Bitcoin potentially reaching the $70,000 price point.
He made one such argument, stating that even if some hostile candidate gets elected and attempts to legislate punishment for cryptocurrency, that may be the catalyst for increased Bitcoin adoption.
In addition, he referred to instances from nations such as Pakistan, Nigeria, and China. The stricter a nation’s efforts to control Bitcoin, the greater the curiosity and use of this digital currency seemed to grow. Pomp stated that this trend occurred because people eventually understood that in the end, governments have limited influence over it.
Anthony Pompliano: Bitcoin Bans Fuel Adoption, Not Suppression
During his chat with Polina Marinova, Anthony Pompliano expressed the view that restrictions and bans are ineffective solutions. Additionally, he shared his opinion that it’s a misconception to believe that Kamala Harris is more hostile towards Bitcoin than Donald Trump.
He explained:
It’s generally believed that Trump might show more favor towards Bitcoin, but in the crypto world, Harris seems to share similar sentiments. There are indications that she intends to establish a regulatory framework for cryptocurrencies. However, if a political candidate were to win office and instead take an aggressive stance against it, saying something like: “We will not be friendly; we will be more punitive than supportive,” then the approach towards cryptocurrencies could become harsher.
How is that not going to impact the price? That would be more bullish for Bitcoin, I think. Why?
In nations that prohibit it, such as Pakistan, Nigeria, and China, there’s a tendency for adoption rates to increase swiftly due to a shared perception among citizens that their government may not always be reliable or trustworthy. As a result, when the government restricts access to something, people often become more curious and interested.
In a similar vein to sectors such as illegal drugs and nicotine, Anthony Pompliano noted that restrictions or control measures could drive demand towards alternative, frequently innovative channels.
I had a chat with @polina_marinova about the reasons behind Bitcoin’s readiness for a bull market, the seemingly irrational actions of Goldman Sachs, and the reason bureaucrats are targeting Elon Musk.
Enjoy
0:00 – Intro
1:00 – Bitcoin is poised to go higher
11:14 – Bonds & stocks will outperform Goldman…— Anthony Pompliano (@APompliano) October 23, 2024
It’s worth noting that Kamala Harris receives backing from individuals in both the pro-cryptocurrency and anti-cryptocurrency groups. Intriguingly, despite being an outspoken critic of cryptocurrencies, JPMorgan CEO Jamie Dimon has expressed support for Harris. Conversely, Ripple co-founder Chris Larsen has generously donated $10 million to her campaign.
In simpler terms, Anthony Pompliano asserted that Bitcoin operates independently, making it immune to interference from any government, including the U.S., or individual presidents.
He said that the attempted banning of Bitcoin in the US would hurt its people but not affect Bitcoin itself. Bitcoin’s resilience came from its programmatic and decentralized structural framework, wherein no single entity controlled it. In this sense, despite various governments trying to “shut down” Bitcoin, the highly resilient global network preserves it and performs transactions.
Challenging Goldman Sachs: Bitcoin to Outperform S&P 500
In simpler terms, Anthony Pompliano discussed the relationship between Bitcoin’s volatility and its widespread acceptance. Essentially, he pointed out that as Bitcoin becomes more mainstream, it will encounter fewer price swings. While the returns might be slightly lower, they would also become more consistent.
Conversely, he asserted that widespread adoption led to a more distributed ownership of assets, thereby reducing its overall risk. This means investing in Bitcoin became relatively less risky compared to its early days, but the returns were expected to be smaller. Nevertheless, it was still projected to surpass conventional assets such as the S&P 500.
Contrarily, Pompliano criticized Goldman Sachs’ prediction that the S&P 500 would yield just 3% per year for the upcoming decade. He found it amusing to propose that bonds could be a superior choice instead.
From my perspective as an analyst, I find bonds less appealing as an investment, particularly in inflationary conditions, where they may even yield negatively in real terms. It’s advisable for those who hold bonds as a top-tier asset to reconsider their portfolio strategies.
As a crypto investor, I’ve noticed that many believe regulatory optimism and ETF inflows have driven Bitcoin’s rise, but Pompliano has a different perspective. He suggests that Bitcoin’s growth is more cyclical than influenced by external factors such as the US election, ETF flows, or broader economic cycles. In other words, Bitcoin seems to move according to its own rhythm, disregarding these external narratives.
Anthony Pompliano compared Bitcoin’s price trend during 2020-2021 to a scenario where there was a ‘calm summer’ preceding a significant price surge. Pomp suggested that another major upward spike in Bitcoin’s value could be imminent, citing the effects of the supply shock caused by the halving event.
Pompliano did, however, caution investors about just how sizeable future growth could be. He advised that this may continue upwards for Bitcoin but that they should tamp down expectations of exponential gains seen in prior years. Bitcoin is maturing, and with its market cap growing, its volatility naturally decreases due to more modest, though still substantial, returns.
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2024-10-23 19:26