Pomp Predicts Next Bitcoin Funding Wave Will Come from Wall Street

Anthony ‘Pomp’ Pompliano told CNBC that despite the recent dip, Bitcoin’s increase to US$64,000 (AU$99,200) would have been unimaginable a few years ago. From the last halving to now, Bitcoin has surged by 800%, with a notable 40% increase just this year, far outpacing gold which has risen by only 7% year to date and 11% over the last five years, he added.

Related: Bloomberg Reports Hong Kong Spot Bitcoin ETFs Likely to Exclude Mainland Chinese Investors

Talking about Bitcoin crashing to $64,000 [that] was a dream just a few years ago. So, we’re up significantly since the last halving. To today [from] about four years [ago] we’re up 800%. So, it’s been [an] incredible performance this year.

Anthony Pompliano

Bitcoin Performed Better During Inflationary Times Than Gold, Says Pomp

Pomp argues that gold has not preserved purchasing power over the last five years due to inflation outpacing its gains. This challenges the traditional view of gold as a safeguard against inflation, suggesting Bitcoin has proved more resilient.

Why I bring that up? What I think is really interesting. You actually have lost purchasing power if you’ve held gold over the last five years. Inflation has outpaced gold’s performance.

Anthony Pompliano

He also attributes the recent rise in Bitcoin’s price to several factors including anticipation of the halving, the creation of Bitcoin ETFs, and concerns about US debt and currency debasement.

Over the past weekend, the price drop was driven by panic selling for dollars, banking restrictions on new dollar inflows affecting Bitcoin purchases, and the fact that Bitcoin holders typically have their funds fully allocated and couldn’t buy more during the dip, Pomp said.

But most of the people holding Bitcoin are fully allocated, so they don’t have dollars to go buy more Bitcoin.

Anthony Pompliano

Pomp: “Bitcoin is being pulled into the legacy system”

Pomp said Bitcoin is increasingly intertwined with the traditional financial system, leading to complexities in how its market behaves. Significant here is the influence of high-frequency and algorithmic trading, especially evident when news hits social media platforms like X (formerly called Twitter).

You saw a massive amount of tweets about Iran and Israel and rockets and drones, etcetera. There’s a very quick sell off. I find it hard to believe that humans were able to read Twitter, immediately go to their computer and start hitting the sell button.

Anthony Pompliano

‘Uncle’ Schiff Weighs in on the Debate

In a social media post, Bitcoin sceptic Peter Schiff said that his nephew, Anthony Pompliano, informed CNBC that Bitcoin enthusiasts are fully committed, with future investments likely needing to come from Wall Street.

However, Schiff believes that Wall Street may begin selling soon, which could potentially lead to a crash in Bitcoin’s value. He warns Bitcoin holders to brace themselves:

Get the most important crypto news delivered to your inbox by subscribing to the CNA newsletter

Pomp had a witty reply for his uncle – if that is in fact their relationship:

The post Pomp Predicts Next Bitcoin Funding Wave Will Come from Wall Street appeared first on Crypto News Australia.