- Bitcoin has hit its highest weekly, monthly and quarterly close.
- The upcoming halving is expected to reduce the daily supply from 900 to 450.
2024 was a phenomenal year for Bitcoin [BTC]from the introduction of ETFs to the upcoming halving.
In a recent conversation on CNBC’s “Squawk Box,” Anthony Pompliano, investor and host of “Pomp Podcast,” highlighted the role of the king coin in the financial landscape.
He noticed,
“We just reached a very important milestone before the halving. We just had the highest weekly monthly and quarterly close for Bitcoin.”
This highlighted Bitcoin’s price volatility, which always attracts a wave of speculators looking to take advantage of the market momentum.
Bitcoin and its different points of view
Pompliano shed light on Bitcoin’s complex nature and purchasing potential, noting that the true impact of this milestone will only become apparent in retrospect.
He elaborated,
“I think for some people it’s an asset risk, and for other people it’s a hedge against inflation or a retail value.”
With concerns about currency devaluation and rising inflation, many see Bitcoin as a hedge against wealth loss.
This idea became popular after influential investors and hedge fund managers touted BTC as “digital gold,” a way to protect against the decline of traditional currencies.
Pompliano drew parallels to the historical pattern of Bitcoin’s price movement:
“The last four times that has happened, Bitcoin has risen at least 300% in value during the remainder of the bull market.”
This underlined the unprecedented nature of the pre-halving milestone, hinting at possible bullish implications.
The upcoming Bitcoin halving
As the Bitcoin halving approaches, Pompliano noted that the daily supply of the king coin will be reduced from 900 to 450, signaling a significant shift in the cryptocurrency’s supply dynamics.
With expectations of increased demand following ETF approvals and Bitcoin daily supply halved, the future looks promising.