The industry has held its breath for a couple of weeks due to the FUD that the massive Bitcoin selling by the German government and Mt. Gox will tank the market. That narrative may work for some, but not Anthony Pompliano. Capital Management CEO Anthony Pompliano believes that BTC holders will outlast massive BTC dumping on the market.
Professional Capital Management CEO Anthony Pompliano on bitcoin’s next move and why there could be more institutional buying in the coming months. pic.twitter.com/3ZYsn8uzTG
— Squawk Box (@SquawkCNBC) July 10, 2024
Bitcoin Markets Are Stronger Than Ever
In an interview with CNBC’s Squawk Box, Pompliano argues that BTC will not hit the $40K mark. Prices go down because there are more sellers than there are buyers. But in this case only two entities are doing the selling: Germany and Mt. Gox. He argues that BTC is currently very “illiquid.”
This is because whales have been hodl’ing billions in Bitcoin. The German government has already offloaded more than half its BTC stash. The price of Bitcoin is still above $55K, which, according to Pompliano, is very bullish.
According to CoinGecko, Bitcoin is valued at $57,811.84 today, which is a 0.4% spike in the last 24 hours. Earlier in the day, the value of BTC momentarily surged above $59,200.
According to Pompliano, the BTC bull run is here and progressing. At the start of the year, around 70% of all the BTC available had not moved. However, with the ETFs, that number has changed. By the end of the BTC dumping by Germany and Mt. Gox, Pompliano expects that only about 55% of BTC will remain illiquid.
Also, Pompliano argues that, unlike the last half of the year, Q3 and Q4 2024 will see more institutions get into BTC. The interview also weighs in on the upcoming November presidential elections between Trump and Biden.
Donald Trump has positioned himself as a pro-crypto candidate, while Biden and his administration continue to impose strict regulations on traders.
Anthony adds that Trump, despite starting out as a BTC critic, finally understood the market and the importance of proper regulation. Democrats have a divided stance: On one hand, remaining against Bitcoin will cause them to lose voters to the Republicans. On the other hand, crypto has become a financial revolution they are not open to.
Also Read: Bitcoin Holds Above $57k; Mt. Gox & Germany Pressure Fades
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