American Businessman and the Bitcoin Revolution Anthony Pompliano He reiterated his bullish sentiments towards the leading cryptocurrency once again. This time, he advised investors on what to do during this Bitcoin price drop and noted that there is no need to worry despite Bitcoin’s recent poor performance.
Bitcoin dips are good for buying
in interview In an interview with FOX Business, Pompliano stated that Bitcoin dips are buying opportunities and that every “great investor” who knows what they have knows that they should buy more when prices move against them. He also claimed that anyone wondering whether or not they should buy more this year should buy more. dipping They may not actually know what they own, which points to Bitcoin’s potential.
Pompliano made the remarks, noting that retail and Institutional Investors Investors are beginning to realize that Bitcoin is a “resilient” asset that will rise in price over the next five to ten years compared to where it is now. The American businessman also explained how Bitcoin has matured compared to previous market cycles with impressive growth.
He stated that Bitcoin saw several price corrections of 30% and 25% in 2017 and 2021. However, things have improved in this market cycle, with the leading cryptocurrency seeing a decline of only 1%. prices drop By about 15%. He claimed that this shows that Bitcoin’s volatility is diminishing.
Meanwhile, he also pointed out that BTC has Bitcoin ETFs In this market cycle, which was missing in previous rallies. He believes that these funds will be a major catalyst for Bitcoin’s rally towards the end of the year. Pompliano expects Bitcoin to reach its all-time high (ATH) before the end of 2024.
However, he cautioned that Bitcoin may not rise as quickly or as high as it once did now that institutions are investing in the leading cryptocurrency through Bitcoin ETFs. He again noted that this is due to these funds entering the market. Institutional Investors It has mitigated Bitcoin’s volatility.
Thoughts on Ethereum ETFs
Pompliano also expressed his thoughts on Ethereum ETFs And when can they start trading? He said that these funds are likely to start trading sometime this summer. He added that they may start trading sooner rather than later based on rumors that Securities and Exchange Commission (SEC) I came close to approving this money.
He believes that Ethereum suffers from a problem that Bitcoin does not, and suggests that this could negatively impact the amount of inflows that Ethereum spot ETFs attract. According to Pompliano, Bitcoin has one story where it is known as “store of value“Which is believed to have been enough to convince investors to invest in the leading cryptocurrency.
On the other hand, he said that Ethereum has many narratives, creating a confusing story for the second-largest cryptocurrency by market cap. He noted that this could be a big problem for spot Ethereum ETFs given that Institutional Investors It can be easy to get confused about what Ethereum is and choose not to invest in these funds.
Featured image created using Dall.E, chart from Tradingview.com
