Bitcoin and gold bars are more similar than expected. You can use them to protect your savings from inflation.
Anthony Pompliano, one of the most famous figures in cryptospace, has posted a series of positive Bitcoin tweets on Twitter. Pomp“ explicitly responded to the criticism of many Bitcoin opponents. In this article we want to take a closer look at the arguments Pompliano mentions. Among other things, he explains why he sees Bitcoin as an excellent Store of Value also for the future.
Anthony Pompliano vs. Bitcoin opponent: Who was right?
Anthony Pompliano published a series of tweets the day before yesterday in which he explains his views on the performance and role of Bitcoin in uncertain economic times.
So his speech begins with the following sentence:
Many of the doubters have repeatedly emphasized loudly that Bitcoin is a terrible asset in economic crises like the present one.
But they have been taught better.
Pomp then examined several theses of Bitcoin skeptics and confronted the critics with his arguments.
Pompliano begins his argumentation with Black Thursday, which this year took place on March 12. The economic shock that day brought not only Bitcoin and all the other Altcoins, but also the stock market and oil prices to the south.
Pomp explained that in this context, a general decline was observed. In other words: The short-term panic caused a general liquidation, so that all (!) asset classes were affected by this phenomenon.
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Bitcoin price 300% above March level
Anthony Pompliano continues his argumentation and points out that BTC has already increased by more than 300 percent (!) since the year low in March. The YTD value is also at a very good level at 83%.
Bitcoin (BTC) has thus clearly outperformed all other asset classes, Pompliano says.
Bitcoin is 83% above the beginning of the year and more than 300% above the year low in March. This means that BTC has outperformed all other asset classes by a significant amount.
Correlation to the stock market drops dramatically
At the end of his Twitter series, Pompliano addresses the most common argument of the critics. It was repeatedly pointed out that the correlation between Bitcoin and the stock market was extremely high.
This led to the conclusion that BTC per se was not a good hedge. While Pompliano confirms that there was an increased correlation, it should be noted that other asset classes such as gold also correlated with the stock market in the short term (!).
However, this perspective has changed and the correlation of BTC to the stock market is back towards zero, meaning that there is virtually no correlation and the two asset classes are uncorrelated.
In conclusion, Pompliano says that Bitcoin is therefore the ultimate safe haven asset.