Crypto investor Anthony Pompliano shared his thoughts about Bitcoin (CRYPTO: BTC) as it is more than 50% lower than its all-time high.
What Happened: Pomplano, who is well known for his takes on crypto and has been a Bitcoin bull for years, joined “Last Call,” a nightly show on CNBC, on Wednesday night.
Pompliano and host Brian Sullivan discussed several items including the news that Coinbase Global Inc (NASDAQ: COIN) was launching crypto futures trading in the U.S., upcoming catalysts for Bitcoin and more.
“Bitcoin and the crypto industry is not going anywhere,” Pompliano told Sullivan.
Pompliano said he used to go on the show five years ago as the price of Bitcoin crashed from $20,000 to $3,000 and has seen drops before.
“I told everyone that this is a very, very resilient industry. Young people want these assets and they’re going to continue to buy and it would recover.”
Pompliano said the market could be in the exact same situation today, down about 50% from all-time highs.
What’s Next: Earlier on Wednesday, Coinbase announced it received approval to offer federally regulated crypto future trading in the U.S. The news came after Coinbase received approval from the National Futures Association, about an application it filed back in September 2021.
Pompliano highlighted the Coinbase news during his interview and said that futures make up around 80% of all trading volume for crypto and is a $1 trillion market annually.
Pompliano said there is a highly illiquid supply for Bitcoin and demand will likely increase in the future.
Future catalysts include the Bitcoin halving in 2024, supply shock to the asset, more media coverage, increased institutional interest and the potential for Bitcoin ETFs.
“You just look at supply and demand. Highly illiquid market and you’re going to get these catalysts to the upside. I expect a much higher Bitcoin price in the coming months.”
BTC Price Action: Bitcoin traded at $27,879.10 at the time of writing versus a 52-week trading range of $15,599.05 to $31,814.51. Bitcoin hit an all-time high of nearly $69,000 in November 2021.
Produced in association with Benzinga
Get news, handpicked just for you, in your box.
