Bitcoin will likely go 'much, much higher' at a faster pace than expected, says Anthony Pompliano
CNBC Television・2 minutes read
Bitcoin has surged to record highs, driven by ETF approvals like BlackRock's $11 billion investment, leading to massive inflows and a doubling in price within 18 days. Despite no guarantees, Bitcoin has seen significant recent growth, up 20% in the last week, 60% in the last month, and 200% in the last year, fueled by potential support from pension and sovereign wealth funds, potentially surpassing gold in market cap.
Insights
- BlackRock's $11 billion investment in Bitcoin ETFs has caused a significant surge in Bitcoin's price and demand, resulting in exponential growth within a short period after breaking past all-time highs.
- Bitcoin's recent substantial growth, up by 20% in the last week, 60% in the last month, and 200% in the last year, is fueled by diverse market participants like pension funds and sovereign wealth funds, hinting at its potential to surpass gold in market cap in the future.
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Recent questions
What is driving the recent surge in Bitcoin's value?
The recent surge in Bitcoin's value can be attributed to significant developments on the horizon, such as the halving and ETF approvals. ETF approvals, particularly BlackRock's $11 billion investment, have led to massive inflows into Bitcoin, resulting in 12 times more demand and a doubling in price within 18 days of breaking past all-time highs.
How much has Bitcoin's value increased in the past year?
Bitcoin's value has seen substantial growth recently, with a 20% increase in the last week, a 60% increase in the last month, and a remarkable 200% increase in the last year. This growth indicates a positive trend for Bitcoin's value in the market.
Who are some of the key buyers contributing to Bitcoin's growth?
Various buyers in the market, including pension funds and sovereign wealth funds, are contributing to Bitcoin's growth. These institutional investors are recognizing the potential for Bitcoin's growth and are actively participating in the market, indicating a broader acceptance of Bitcoin as a valuable asset.
What is the potential market cap Bitcoin could reach in the future?
Bitcoin's potential for growth is significant, with the possibility of reaching a market cap surpassing gold in the future. This projection is supported by the increasing interest from institutional investors and the overall positive trend in Bitcoin's value, indicating a promising outlook for Bitcoin's market cap.
Can past results guarantee future outcomes for Bitcoin's value?
While past results do not guarantee future outcomes, Bitcoin has shown substantial growth recently, with a surge in value driven by significant developments and increased institutional interest. The positive trend in Bitcoin's value, along with the support from various buyers in the market, suggests a potential for continued growth in the future.
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