Supply Shock Coming for Bitcoin After BTC Hits ‘Really Important Milestone,’ Says Anthony Pompliano
The founder of venture capital firm Pomp Investments, Anthony Pompliano, is expressing bullish sentiment on Bitcoin (BTC).
Pompliano says in an appearance on CNBC that “it’s hard to see” how the price of Bitcoin will fail to continue appreciating amid a convergence of various catalysts and historical precedent.
“We just hit a really important milestone before the halving – we just had the highest weekly, monthly and quarterly close for Bitcoin. And so the last four times that’s happened, Bitcoin has appreciated at least 300% through the rest of the bull market. It doesn’t mean it’s going to happen again.
But to have that happen before the halving, it’s kind of like the demand shock happened and now we’re going to have this supply shock.”
Bitcoin is trading at $65,744 at time of writing, up by around 66% from the January low of around $39,500.
The venture capitalist also says that economic anxieties and hopelessness could be driving the price appreciation of Bitcoin and other crypto assets.
“The dollar has lost 25% of its purchasing power in four years. We have $1.1 trillion in credit card debt. We have 43 million Americans who have federal student debt, the average balance is $37,000. People have lost hope, they do not have hope. How are you supposed to live in a country where it is cheaper to rent than to buy a home in 50 major metros?
You don’t have hope and so what do you do?
I think that if you go and buy a lottery ticket, it’s 300 million to one odds. I think there are people right now that are saying ‘You know what? A memecoin has better odds than a lottery ticket. I think there’s a lot of people that say Bitcoin is actually the safest [bet].”
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