Key Points
- Bitcoin achieves highest weekly, monthly, and quarterly close in 2024.
- Upcoming halving expected to reduce daily Bitcoin supply from 900 to 450.
Bitcoin has had a remarkable year in 2024, with significant developments such as the introduction of ETFs and the upcoming halving.
Anthony Pompliano, a prominent investor and podcast host, recently discussed the role of Bitcoin in the financial landscape on CNBC’s “Squawk Box”.
Bitcoin’s Milestone and Potential Impact
Pompliano noted that Bitcoin has just reached an important milestone, achieving its highest weekly, monthly, and quarterly close. This event underscores Bitcoin’s price volatility, which often attracts speculators looking to capitalize on market trends.
Pompliano also touched on Bitcoin’s intricate nature and buying potential, stating that the true impact of this milestone will only be evident in retrospect.
He further explained that Bitcoin serves different purposes for different people – for some, it’s a risk-on asset, while for others, it’s a hedge against inflation or a store of value.
Bitcoin as a Protection Against Wealth Loss
Concerns about currency devaluation and rising inflation have led many to view Bitcoin as a safeguard against wealth loss. This perception gained traction after influential investors and hedge fund managers touted Bitcoin as “digital gold” – a means to protect against the depreciation of traditional currencies.
Drawing on the historical pattern of Bitcoin’s price movement, Pompliano added that Bitcoin has appreciated at least 300% in the remainder of the bull market the last four times such a milestone was reached.
As the Bitcoin halving draws near, Pompliano pointed out that the daily supply of Bitcoin will be halved from 900 to 450, indicating a major change in the cryptocurrency’s supply dynamics.
With the expected increase in demand following ETF approvals and a halved daily Bitcoin supply, the future of Bitcoin looks promising.
