Pompliano Predicts “Cryptocurrency Industry Is Stuck”: Bitcoin Will “Resurge” in Next 18-24 Months
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crypto investor Anthony Pompliano shared his thoughts on it Bitcoin (CRYPTO:BTC) as it is down more than 50% from its all-time high.
What happened: Pompliano, who is known for his views on crypto and has been a bitcoin bull for years, took part in “Last Call,” an evening show on CNBC, on Wednesday night.
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Pompliano and hosts Brian Sullivan discussed several points, including the news Coinbase Global Inc (NASDAQ:COIN) launched US crypto futures trading, upcoming catalysts for Bitcoin and more.
“Bitcoin and the crypto industry are not going anywhere,” Pompliano told Sullivan.
Pompliano said he was on the show five years ago when Bitcoin’s price plummeted from $20,000 to $3,000 and has seen declines before.
“I’ve been telling everyone this is a very, very resilient industry. Young people want these assets and they will keep buying and it would recover.”
Pompliano said the market could be in exactly the same situation today, about 50% below its all-time high.
Related Link: How to Buy Bitcoin
What’s next: Earlier Wednesday, Coinbase announced that it had received approval to offer state-regulated crypto futures trading in the United States. The news came after Coinbase received approval from the National Futures Association for an application filed in September 2021.
Pompliano highlighted Coinbase’s news in his interview, saying that futures account for around 80% of total trading volume for crypto and is a $1 trillion-per-year market.
“It shows that this stuff isn’t going away,” Pompliano said.
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Pompliano said the future is bright for Bitcoin.
“People who got bored or walked away are going to be in for a big surprise over the next 18 to 24 months, I think, when this thing comes back full force.”
To explain the future catalysts for Bitcoin to Sullivan, Pompliano used the basic principle of supply and demand.
“If you look at bitcoin, there are around 19 million of the 21 million in circulation. Most of them are held for more than a year.”
Pompliano said there is an extremely illiquid supply of Bitcoin and that demand is likely to increase going forward.
Future catalysts include Bitcoin’s 2024 halving, a supply shock to the asset, more media coverage, increased institutional interest, and the potential for Bitcoin ETFs.
“You just look at supply and demand. The market is extremely illiquid and you will bring these catalysts up. I expect a significantly higher bitcoin price in the coming months.”
BTC Price Action: Bitcoin was trading at $27,879.10 at the time of writing, compared to a 52-week trading range of $15,599.05 to $31,814.51. Bitcoin reached an all-time high of nearly $69,000 in November 2021.
Read More: This is how much $100 invested in Bitcoin today could be worth in 2030 if Cathie Wood’s price target is met
Pompliano will serve as presenter at the Benzinga Fintech Deal Day & Awards on November 13 in New York City. Click here to learn more!
Photo: Shutterstock
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