Bitcoin is poised to make a major breakthrough in the market, surpassing and potentially doubling the market cap of gold, according to Anthony Pompliano, founder of Pomp Investments and a well-known Bitcoin advocate. In an interview with CNBC, Pompliano expressed his belief that Bitcoin’s current rally is just the beginning of a much larger surge. He noted that historically, when Bitcoin broke its previous all-time highs, it doubled in value in a matter of 18 days or less. With Bitcoin recently surpassing its previous all-time high of nearly $69,000, Pompliano expects the cryptocurrency to continue its upward trajectory.
Pompliano also predicts that Bitcoin will ultimately surpass the market cap of gold, which currently sits at around $14 trillion. He views Bitcoin as a 10x improvement over gold and believes it will eventually be more than double the precious metal’s market cap. While some experts anticipate Bitcoin reaching 10% or 50% of the gold market cap, Pompliano envisions an even greater rise for the cryptocurrency. He asserts that being a 10x improvement over gold justifies Bitcoin surpassing gold’s market cap by a significant margin.
As Bitcoin continues to gain mainstream acceptance and attract institutional investors, Pompliano’s bullish outlook on its potential seems to align with the growing acceptance and enthusiasm for the cryptocurrency. Nevertheless, it is crucial to acknowledge that the cryptocurrency market can be highly volatile, and outcomes may differ from predictions.