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Anthony Pompliano, the founder of Pomp Investments and a well-known supporter of Bitcoin, is upbeat about the cryptocurrency’s future possibilities despite its rising trajectory.
In a recent interview with CNBC, Pompliano expressed his opinion that there would be significant development chances for Bitcoin going forward, believing it has the ability to reach and even double the market value of gold.
Pompliano predicts that Bitcoin will soon surpass its past all-time highs, pointing to past patterns in which the cryptocurrency broke records and then doubled in value in 18 days or fewer. He highlights that breaking beyond the all-time high initiates a price discovery period that raises attention and valuation.
“As we near the record high, if we go back and look at past record high breaks or when we eclipse the old all-time high, three of the four times, Bitcoin doubled in 18 days or less. So you think about hat for a second. Once you break through an all-time high, that’s price discovery. What is this thing worth? The world is going to try and figure that out.”
BTC recently exceeded its previous peak of nearly $69,000, achieved on November 10th, 2021, across major exchanges including Coinbase, Binance, and Bitstamp. Despite a slight retracement, Bitcoin currently trades at $65,321, indicating ongoing market strength.
Pompliano envisions Bitcoin eventually eclipsing gold’s market capitalization, which currently stands at approximately $14 trillion. He asserts that Bitcoin’s superior qualities position it as a significant challenger to gold’s status as a store of value.
“Some people are looking for Bitcoin to be 10% or 50% of the market cap… It will go past gold eventually. Bitcoin is a 10x improvement on gold. If you are a 10x improvement, to be two times the market cap makes sense.”
Pompliano’s optimistic view of Bitcoin highlights the rising trust in its potential as a revolutionary asset and a store of wealth, paving the way for further market expansion and uptake.