More than 89% of holders are successful with Bitcoin passing their last cryptocurrency purchase
Demand and the launch of new products are expected to increase prices
Bitcoin’s value can still succeed at the $100,000 point this year
Anthony Pompliano, the founder of Pomp Investments, claims that Bitcoin remains the king of cryptocurrencies, even as the market appears to recover from last week’s drop in value.
In an interview Monday with CNBC’s “Squawk Box,” the bitcoin investor and analyst said Bitcoin’s high is benefiting and noted that there are weaknesses in financial and fiscal policy that make cryptocurrencies larger than the dollar.
Pompliano says that even though the existing slide has knocked BTC down, one way to look at it is to its learned value. Looking at this data, he explained, the maximum other people make a profit given the most recent value of $20,000.
“If you look at how many other people own Bitcoin, how much that’s worth compared to now, then between 89% and 90% of other people make a profit,” he said.
The Bitcoin bull notes that the call remains the best for Bitcoin, with greater adoption of asset elegance, likely due to moves like that of Invesco, which has announced plans to launch a publicly traded Bitcoin product (ETP).
According to Pompliano, Bitcoin (BTC) “is the last loose market left. “It’s a generation that doesn’t want any kind of intervention from anyone, which is almost what’s happening in the fiat markets as we’re looking at 2020 as the pandemic has. it forced governments into a frenzy of printing money.
The investor believes that the global is still waking up the asset class, even if the profitability of the holders provides the market with a margin of maneuver to the downside.
He also noted that Bitcoin chain metrics show expanding adoption around the world, with institutional access driving the cryptocurrency higher.
In a tweet posted after the interview, the head of Pomp Investments noted that Bitcoin is suffering from volatility, even as the network becomes increasingly decentralized.
There are many tactics to analyze the network, but it is transparent that adoption is increasing, other people are in a position to resist volatility, and we are fitting in more and more decentralized. @SquawkCNBC pic. twitter. com/YUqWrcs90L
– Pomp ? (@APompliano) November 29, 2021
The Bitcoin market has faced some decline in recent weeks, with the value of the leading crypto falling more than 21% since it hit highs above $69,000 around Nov. 10.
But Pomplian is adamant about one thing; he was not promoting his BTC. He notes that millions of other hodlers have long been in crypto, which he says will still be successful at the $100,000 mark until the end of the year.
Earlier, Voyager Digital CEO Stephen Ehrlich said last week’s sale was a “backlash” to broader market sentiment.
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