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Venture capitalist and angel investor Anthony Pompliano (known as Pomp on X/Twitter), who is also known to be a vocal Bitcoin supporter, has made an appearance on Fox News.
He explained why it was not only BTC but other financial markets too that plunged over the weekend, still pointing out that the world’s leading cryptocurrency is doing very well.
Bitcoin has outperformed everything since 2020: Pomp
Pompliano told the anchor that despite the massive crash over the weekend, the biggest cryptocurrency in terms of market capitalization, BTC, has been up 8x since the previous halving that took place in 2020.
Back then, it was worth approximately $8,000, and now it is trading above $62,000, while it was trading close to the $71,000 level on Friday. Admitting that Bitcoin crashed, Pomp added that it was not only BTC but also gold and all other financial markets since the major negative geopolitical development in the Middle East. Investors began selling everything to get U.S. dollars, Pompliano explained, and so they sold Bitcoin, along with gold, stocks and bonds.
Despite all the volatility, Bitcoin is up 8x since the last halving.
— Pomp 🌪 (@APompliano) April 16, 2024
Ignore the noise of short-term price movements.
Sound money principles in digital form has been valued at more than $1 trillion by investors globally.
Great to join @cvpayne today on Fox Business. pic.twitter.com/jMIJjeLDTR
Still, he added that there is no other asset which would have added 8x in price within four years as Bitcoin did.
During the previous halving in 2020, Bitcoin block rewards were automatically reduced from 12.5 BTC to 6.25 BTC for miners. During the approaching fourth halving that is due in just a couple of days, miners will see this figure drop to 3.125 BTC per each new block they generate.