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Angel investor and Bitcoiner Anthony Pompliano has talked to CNBC about BTC, explaining why it surpasses all other savings assets. He also revealed why the dream that Bitcoiners had several years ago is once again true, and it reveals how gold’s market value has been impacted over the past five years.
Meanwhile, the world’s leading cryptocurrency has managed to recover a little after the fall witnessed on Wednesday.
Gold narrative as protector of purchasing power debunked by Bitcoin
Anthony Pompliano (often calling himself just Pomp) stated during his interview with CNBC’s Squawk Box show that despite the massive pullback seen over the weekend, BTC has been doing very well.
It was investors’ dream to see Bitcoin crashing to $64,000 a few years ago, he said, adding that BTC has been up approximately 40% now year-to-date. Since the last halving, which took place four years ago, Pomp mentioned, the leading cryptocurrency is up 800% (rising from $8,000 to $64,000). He has referred to it as a strong and remarkable performance.
At the same time, he took a jab at gold, which is also believed to be a store of value, and it has been for hundreds of years. According to Pompliano, over the past five years, this precious metal has increased by roughly 11% and is up only 7% year-to-date in 2024. “You have lost purchasing power if you have held gold over the past five years. Inflation has outpaced gold’s performance,” Pomp said.
Basically, he has claimed that the whole narrative of gold protecting purchasing power is debunked now. Unlike gold, Bitcoin has proved this status for itself within the last five years, according to the expert.
Reasons why Bitcoin is going up - Pompliano
As for the reasons why the largest cryptocurrency has been rising this year, Anthony Pompliano named several major ones. The first one is spot Bitcoin ETFs buying all BTC within their reach. The second is that investors have been buying BTC expecting the halving to arrive and a price surge to follow.
The third reason Pompliano mentioned is that the U.S. government has a big problem with the national debt, and the U.S. dollar is being debased.
As for the weekend, when Bitcoin suddenly crashed, the investor explained it as selling done out of fear because of tensions in the Middle East.
Gamza Khanzadaev
Arman Shirinyan
