Even as Bitcoin struggles to stay above $50K, the co-founder of Morgan Creek Digital and host of The Pomp Podcast Anthony Pompliano, who is popularly known as Pomp, has said that Bitcoin continues to be the king of crypto assets in terms of outlook.
Pompliano made the remarks on December 9 during an interview with Andrew Ross Sorkin, who is a co-anchor of CNBC’s Squawk Box.
While making the claim, Pompliano went ahead to say that Bitcoin has the best fundamentals and that the majority of Bitcoin investments are profitable.
During the interview, Pomp said:
“If you look at how many people hold Bitcoin is in profit, so basically wherever they bought Bitcoin, what that price was compared to now, 89-90% of people are in profit… While we have an undisciplined monetary and fiscal policy, I’m not selling my Bitcoin. There are millions of other people who aren’t selling their Bitcoin and demand continues to increase.”
The crypto investor also went ahead that contrary to Bitcoin and other cryptocurrencies, the US dollar has to move up over time to accommodate everyone.
When Bitcoin moves, the rest of the crypto market moves
He was also quick to note that when Bitcoin price moves, everything else especially in the crypto market moves with it. When it drops majority of the cryptocurrencies also drop and when it rises majority of the coins also rise.
He said:
“I think that Bitcoin is by far still the king. When it moves, everything else kind of moves with it. If Bitcoin goes down, other things tend to move down. That is changing a little bit, but I think it’s still true for the most part.”
According to the investor, although investors at times move away from Bitcoin especially when it registers huge downward price movements, they ultimately go back to invest in BTC. He also said that the crypto market is also maturing and we are seeing investors becoming more interested in less volatile assets compared to extremely volatile assets.