Pomp Investments founder and partner Anthony Pompliano says Bitcoin’s sound monetary principles will make it bigger than gold, particularly after the upcoming supply halving.
Speaking during an interview on Fox Business on April 17, Pompliano reiterated his bullish stance on the pioneer cryptocurrency, saying that Bitcoin (BTC) has performed better than any other asset in the four years following the last halving.
“The last halving, we are four years later. It was eight thousand dollars. Today, it’s $64,000. Name any other asset that has performed so well over a four-year cycle,” Pompliano said in response to concerns about Bitcoin’s latest correction.
Pompliano explained that despite the crypto market’s drawdown that bagan o April 12, Bitcoin was not the only asset that crashed; gold and other financial markets also dropped in the wake of escalating geopolitical tensions in the Middle East.
Bitcoin has dropped more than 9% since Saturday, April 13, when Iran launched attack drones and missiles against Israel, while Ether (ETH) has declined 8%. According to data from TradingView, the S&P 500, the Nasdaq 100, and the gold index (XAU) are also down 1.83%, 3.5%, and 5%, respectively, over the same timeframe.
Related: Bitcoin miner stocks drop on ‘unsubstantiated’ post-halving profit fears: Analyst
Pompliano said,
“So, when people saw Bitcoin go down on Saturday, they said, “Oh, my God! Bitcoin went down!” So did gold, and so did any other financial market that was open.”
The investor explained that during times of political uncertainty, investors begin “selling anything that is liquid” for U.S. dollars, and so they sold Bitcoin, along with gold, stocks and bonds.
Pompliano believes that when the dust settles, Bitcoin will lead the recovery and will continue to do so for another four-year cycle after halving.
“What will happen is that on the way back up, Bitcoin will be the leader in the recovery, and my guess is that it will continue to perform just as well as it has for the last four years, for the four years to come.”
He also highlighted that Bitcoin and gold hold sound money principles in that they are assets “outside the system that no one can create more.” He further explained that those who are looking for “downside protection” should buy gold because it is less volatile. However, Bitcoin is the best option for those seeking to increase their purchasing power.
“The digital version of a product is always bigger and more valuable than the analog version of it. And so, Bitcoin will be more valuable than gold one day.”
The upcoming Bitcoin halving is set to significantly impact market dynamics. Pompliano says that the event, which is just a few days away, could be a “sell-the-news phenomenon” but advises investors to always buy Bitcoin for long-term gains.
“I always tell people that if you buy Bitcoin and you are trying to predict what the price is in an hour or a day, a week, or even a month, that’s probably a fool’s errand. Instead, what you should think about is, “This is a savings technology. ””
The investor also reiterated his belief in dollar-cost averaging Bitcoin — regularly investing a fixed dollar amount in BTC, saying that people who do this over a long time are “going to do great.”
Pompliano revealed to the Fox Business anchor that Bitcoin makes up more than 50% of his portfolio.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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