2024-10-25 16:40 |
Crypto enthusiast Anthony Pompliano has projected a Bitcoin price surge in the coming months. He noted that Bitcoin’s decentralized nature makes it immune to offensive government actions. Digital asset bulls rally behind the market leader, pushing its price past the previous resistance level. However, some users suggest a market correction lies ahead, depending on macroeconomic factors.
Anthony Pompliano Supports Resilient BitcoinIn a new podcast, Pompliano said that government bans on crypto assets will not affect the price and adoption of Bitcoin. He explained that due to blockchain technology and the decentralized nature of the asset, no government, including the United States, can cause harm.
Over the years, several countries have moved against the industry, issuing full or partial bans on crypto assets. However, Bitcoin has performed well in countries where the younger population is adopting the assets. Previously, the Nigerian government banned crypto exchanges and P2P trading, but citizens still yearn for digital assets to stay ahead of inflation.
Inflation and global macro factors are reasons why users remain resilient behind Bitcoin, which is a store of value. According to Pompliano, government bans in the industry have made certain products popular.
“…because in countries where they have banned it, Pakistan, Nigeria, China, adoption goes up faster because the people understand that… and so if the government said you can’t have something, people are interested. Look at every industry that they’ve ever said you can’t participate, people revolt, and they go to adopt that industry… if you had someone come in and say, I’m gonna shut down Bitcoin, people would rally around it, buy as much Bitcoin and put it in cold storage.”
BTC Price To SoarThe price of Bitcoin has gained massive traction in recent weeks, moving along the October narrative. Pompliano believes the price and adoption are not rising because of mainstream factors like ETF inflows and the US Presidential elections. Rather, he added that the BTC price is going up because sideways summer is over, and it’s time to go up.
He drew historical comparisons, with 2020 and 2021 having a supply shock similar to this year, followed by a sideways summer before price upticks. However, he noted that the asset’s price might not jump as high as 500% but about 200%. Generally, increased spot Bitcoin ETF inflows and election sentiment favor BTC’s price.
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