Anthony Pompliano, notable cryptocurrency investor, host of the popular crypto podcast “Off The Chain”, and partner at crypto investment firm Morgan Creek Digital Assets, has gone on a mainstream Bitcoin crusade.
Bitcoin is fighting back, struggling to stay above $4,000. This crypto expert believes bitcoin will end down at 85% of previous highs. https://t.co/3ZTzmfOEP1 pic.twitter.com/mpTyeh3ZKe
— CNBC (@CNBC) November 26, 2018
On November 26, Pompliano was featured in an interview on CNBC’s Squawk Box, where he forecasted Bitcoin’s bottom and proclaimed its undeniable performance over the past 10 years. He also explained the importance of Bitcoin, talked about the crypto bear market, institutional investment, what the future holds for Bitcoin, and so much more.
Despite the current bear market and recent plummet in Bitcoin’s price, Pompliano presented a positive outlook on Bitcoin over mainstream media:
First, [Bitcoin] is the most secure transaction settlement layer in the world, so it’s got to be worth something. It’s the best performing asset class over the past ten years – it’s outperformed S&P, DOW, NASDAQ, etc. during the longest bull run. It experienced two 85 percent drops during that time, but it’s still up over 400 percent in the last two years.
He also added that retail investors have driven Bitcoin’s price action over the past 10 years, causing the run up to nearly $20,000 without the help of institutions. He then noted that in 2019, institutional investors will enter the crypto space, with mentions of Fidelity and Bakkt, 2 of the most highly anticipated institutional investment firms coming to crypto.
According to Pompliano, the current crypto bear market is due to the highly speculative nature of crypto and the “wash-out” we’re experiencing is a natural retail investor pattern seen in these types of markets. What we don’t see is nstitutional involvement that is happening via less transparent over-the-counter (OTC) trades, which don’t immediately affect the market.
To end the interview with a bullish sentiment and back his last statement up, Pompliano noted that his crypto investment firm, Morgan Creek Digital Assets, would be ecstatic to purchase Bitcoin at $3,000. He also said they will continue buying at these levels for as long as they can.
With experts everywhere making calls for the Bitcoin bottom, what do you think the bottom is? Let us know your price target in the comment section below.
