Bitcoin (BTC-USD) has slumped from its height above $73,000, now sitting below $60,000 after four-straight days of losses. Several factors have caused cryptocurrencies to slide with potential turbulence ahead with the US presidential election.
Still, bitcoin is up over 114% compared to this time last year, begging the question to crypto investors, could it continue to grow or is another crypto winter ahead?
Professional Capital Management Founder and CEO Anthony Pompliano joins Market Domination Overtime to give insight into why he feels bullish on bitcoin.
“You can think of bitcoin as gold (GC=F) with wings. It gives you that same downside protection, that same kind of purchase power protection. But it also has the asymmetry of an asset that is compounding over that same time period, at about 62% compound annual growth rate for the last ten years.” says Pompliano
Pompliano elaborates on why bitcoin ETFs have also been popular: “As we see those financial institutions, those corporations and kind of larger family offices want to allocate to the asset, the ETFs provide a really low cost, liquid way to do that. And so they’re going to continue to buy now of course prices go up and down based on buyers and sellers. And so there’s more sellers than buyers.”
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