2024-3-14 23:22 |
Popular crypto analyst Anthony Pompliano has shared insights into Bitcoin’s future, suggesting a continued bullish trajectory for the leading cryptocurrency even as Bitcoin flirts with its all-time high.
Speaking on Tuesday to CNBC, Pompliano highlighted the recent mainstream acceptance of Bitcoin, citing the approval of ETFs and significant inflows of institutional investment. With major players like BlackRock pouring billions of dollars into Bitcoin ETFs, Pompliano emphasized the substantial demand for the digital asset.
“If you look at the last 60 days and the next 60 days, the ETF approvals were a huge deal…BlackRock with $11 billion in the ETF. They have added $1 billion in the last day. These are massive inflows for one fund.” Pompliano told CNBC’s Joe Kernen.
Drawing from historical patterns, Pompliano further pointed out the potential for rapid price surges once Bitcoin surpasses its previous all-time high. “Once you break through the all-time high, what is this worth? The world is figuring out that,” he stated, referencing Bitcoin’s tendency to double in price in as little as 18 days following previous record-breaking milestones.
“Bitcoin is up 20% in the last week, up 60% in the last month, up 200% in the last year, in the last year. I’m not saying it is going to $140,000, but it doubled in 18 days and there is a halving upon us. it is hard to not say this is likely to go much higher.” he added.
However, Pompliano remained cautious, advising against overexposure to Bitcoin and reminding investors of the inherent risks. “I don’t think they should do that,” he cautioned against leveraging assets excessively into Bitcoin, suggesting a conservative approach of allocating 1% to 5% of a traditional portfolio to cryptocurrencies.
Pompliano’s interview follows billionaire investor Mark Cuban’s commentary on Monday about the top crypto asset. While Cuban discussed healthcare costs and pharmaceutical pricing during an Interview with CNBC, he also touched on Bitcoin’s role as a store of value, expressing his preference for Bitcoin over gold in investment portfolios.
“Bitcoin is just driven by supply and demand there’s only going to be 21 million of them. The more people that buy and the fewer people that sell that means the price is going to go up. That’s just the nature of it. It is a great store of value that’s why I have an investment in it… I’m investing in Bitcoin over gold all day every day,” stated Cuban.
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