In an interview with CNBC on Monday morning, Anthony Pompliano discussed the current pullback of Bitcoin and its correlation with bullish trends. He also emphasized the future partnership between AI and Bitcoin over the next decade.
Pompliano highlighted the decade-long bullish trends of both AI and Bitcoin, recognizing their potential to generate and preserve wealth. He expressed his intention to purchase more Bitcoin at lower prices, stating, “I’m going to go into the office and buy some more.”
Addressing the recent decline in Bitcoin’s price, Pompliano remained optimistic, attributing it to the involvement of retail investors, traditional profit takers, and general market dynamics. He explained that in bullish markets, it is expected to experience pullbacks of around 30%, so the current 15% decline aligns with reasonable predictions.
Pompliano also mentioned changes in trading patterns, profit-taking behavior, and the summertime as factors contributing to the decrease in Bitcoin’s price. Traditionally, asset trading declines during the summer months, and many individuals take profits during this time.
Furthermore, Pompliano discussed the collaboration between AI and Bitcoin, stating that they are revolutionizing the creation and preservation of wealth. As AI transforms the management, analysis, and protection of digital assets, Bitcoin is solidifying its position as a reliable store of value and decentralized financial asset.
Pompliano emphasized the significant potential for wealth creation through AI, predicting that it will substantially increase global GDP. This aligns with the projections of Eric Balchunas, a Senior ETF Analyst for Binance, who forecasts that global ETF assets will triple from $13 trillion to $35 trillion by 2035.
Regarding spot crypto ETFs, Pompliano noted that their approval earlier this year resulted in a significant increase in crypto investment, primarily driven by retail investors rather than traditional financial institutions. He mentioned that approximately 80% of the inflows into the ETF came from retail investors, highlighting the time-consuming process for advisors to engage with individual investors and committees within these organizations.
Overall, the collaboration between AI and Bitcoin is set to reshape wealth creation and storage. Despite the current pullback in Bitcoin’s price, Pompliano remains optimistic and sees it as part of the natural volatility of the asset.