Wealth from AI Will Be Safeguarded by Bitcoin": Anthony Pompliano Predicts
Summary:
In an interview, Pomp Investments founder, Anthony Pompliano, suggested that abundant wealth generated by AI innovations over the next decade would be protected by Bitcoin. He urged viewers to consider long-term technology fusion rather than daily or weekly trends. Despite recent negative sentiments surrounding Bitcoin, including a price drop, Pompliano is not bothered, predicting a price resurgence by the end of 2024 or the start of 2025. He noted this as a common pattern in previous halving years.
Anticipated wealth accumulation from AI technologies over the next decade will find its secure harbour in Bitcoin, according to Bitcoin advocate and Pomp Investments founder, Anthony Pompliano. He envisages a future where abundant wealth created by AI will be safeguarded by Bitcoin, as mentioned during his interview with CNBC on June 24. Pompliano discarded the notion that Bitcoin and cryptocurrencies could be overwritten by AI as the new tech juggernaut, insisting that both will contribute mutually to the next decade. He also indicated an enhancement in GDP due to productivity driven by AI, with Bitcoin guarding this affluence. Pompliano urged observers to focus on the long-term picture, rather than short-term trends.
Bitcoin on June 23 dipped to a seven-week low, settling at $59,086. This trend has primarily been driven by M Gox's readiness to liquidate $8.5 billion worth of Bitcoin to its creditors, coupled with spot Bitcoin exchange-traded fund cash-outs surpassing $1 billion in the former 10 trading days. Moreover, a marked sell-off from Bitcoin miners has been observed. As a result, the cryptocurrency segment's sentiment has shifted to "neutral" per the Crypto Fear & Greed Index, scoring 51 out of 100. Just a week ago, the sector exhibited 'Greed' with a higher score of 71.
Pompliano, however, remains unfazed by the 15% drop in value. He noted that dramatic pullbacks often take place in bullish markets. In light of the prevailing ethos in public markets to 'invest until May and then take a break', the second and third quarters typically witness a flat performance, particularly in halving years. Expecting the same trend to occur presently, he predicts a resurgence in prices in the last quarter of 2024 or early 2025 – a recurrent trend during past halving years.
Published At
6/25/2024 3:00:29 AM
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