According to Morgan Creek Digital CEO, Anthony Pompliano, Bitcoin may be entering a two or three-year bull-market now.
Is the US Dollar as ‘UNTIED’ as Bitcoin?
On May 14th 2019, during a CNBC interview, Pompliano asserted that neither bitcoin nor the dollar is tied to anything. Whereas, in contrast, the value drivers of all equities and every other asset are tied to something, like GDP, earnings, interest rates, etc.
However, a lot of people do not feel the US dollar is as untied as Bitcoin. For instance: Charles Brun (a Twitter user) made a remark that says:
“Let’s not be totally delusional here. The USD is tied to the US government and all its military and economic might.”
Also eye10, a Reddit user asked: “Would USD continue to be valued as the reserve currency of the world if you couldn’t pay taxes in USD?”
Bitcoin News Today: The BTC Bulls are returning
Pompliano, during the same CNBC interview, advised that investors bet on BTC and have it in their portfolios because “Bitcoin is a non-correlated asymmetric return asset.”
He also argued that the BTC bulls are back to the market. Already, Bitcoin exchanges are seeing all-time high volumes, with futures reaching 1.2 billion USD. Meanwhile, both retail investors and financial institutions, like Fidelity, are returning to the crypto market.
Furthermore, the trade war between US and China is also helping to drive the value of Bitcoin higher, while demonstrating the inherent attribute of Bitcoin as a safe-haven currency.
For this reason, Pompliano says:
“We hit the bottom of the bear market, and now we have entered into this bull market. It would not surprise me if we entered a kind of two to three-year bull market now.”
He also mentioned the programmed scarcity of Bitcoin as over 76% of the total that will ever exist have already been created. Pompliano considers scarcity as one of the value drivers of Bitcoin.