There have been so many predictions about Bitcoin over the last couple of weeks, with the upcoming halving. While some believe that the asset will find it hard to hit a new high, others like Pomp Investment founder Anthony Pompliano are backing it to go all the way. According to his statement, the sound monetary principle of Bitcoin will make it a bigger asset than Gold.
Anthony Pompliano discusses Bitcoin’s chances post-halving
Anthony Pompliano gave his assessment in an interview on Fox Business. He noted that the upcoming halving will make people see the benefits of Bitcoin. He also talked about his bullish sentiment on the asset while noting that it has been the best-performing asset in the last four years post-halving. Bitcoin was about $8,000 before the last halving, and four years down, it is now about $64,000.
In his response to a question about Bitcoin’s recent correction, Pompliano highlighted that no other asset has outperformed Bitcoin in the four years after its previous halving. He remarked that the recent correction is happening to every asset across the crypto market. Pompliano also pointed out that other assets have been dropping as the tension in the Middle East continues to escalate.
Bitcoin’s performance amid market correction
Bitcoin and Ethereum have undergone significant market correction since the tension in the Middle East started on April 13. Since that time, Bitcoin has dropped by 9% while Ethereum has seen an 8% drop. Nasdaq 100, the gold index (XAU), and S&P 500 have also declined over the same period. Pompliano said that people were complaining when Bitcoin saw a bearish trend on Saturday. Meanwhile, he added that it was the same for other assets in the financial market.
He pointed out that during periods of tension like this, investors are looking to hold more dollars, hence the sale of Bitcoin and most of the other assets. However, he believes that Bitcoin will be the asset that will lead the recovery which will become a trend over the next four years. Pompliano also said that Bitcoin and Gold hold more sound principles because no one can go and create more of them.
Anthony Pompliano advised traders to buy assets according to their taste. He advised traders who are worried about a high volume of decline to purchase gold while traders who are seeking to boost their purchasing power can buy Bitcoin. Pompliano also said that the upcoming halving might be a sell-the-news phenomenon but he wants traders to purchase Bitcoin for long-term gains.
