According to U.Today, Angel investor and Bitcoin enthusiast, Anthony Pompliano, recently discussed Bitcoin's performance on CNBC. He highlighted how Bitcoin has outperformed all other savings assets, including gold, and has once again proven its worth as a reliable investment. Pompliano also discussed the impact of Bitcoin's rise on the market value of gold over the past five years.
During his interview on CNBC’s Squawk Box show, Pompliano stated that despite the significant pullback seen over the weekend, Bitcoin has been performing exceptionally well. He noted that a few years ago, investors dreamed of Bitcoin reaching $64,000, and now it has increased by approximately 40% year-to-date. Since the last halving four years ago, Bitcoin has risen by 800%, from $8,000 to $64,000, a performance Pompliano described as strong and remarkable.
Pompliano also criticized gold, traditionally considered a store of value. He pointed out that over the past five years, gold has only increased by about 11% and is up just 7% year-to-date in 2024. He argued that those who held gold over the past five years have lost purchasing power as inflation has outpaced gold's performance. Pompliano claimed that the narrative of gold as a protector of purchasing power has been debunked, while Bitcoin has proven its worth in this regard over the past five years.
Pompliano also discussed the reasons behind Bitcoin's rise this year. He cited the buying spree of spot Bitcoin ETFs, investors buying Bitcoin in anticipation of the halving and subsequent price surge, and the debasement of the U.S. dollar due to the U.S. government's national debt problem. He attributed the recent weekend crash of Bitcoin to fear selling due to tensions in the Middle East.