Pompliano: Bitcoin Fundamentals, Not Market Setbacks, Are Key
Cryptocurrency bull and Morgan Creek Digital Assets partner Anthony “Pomp” Pompliano believes the cryptoeconomy selloff could deepen, pushing BTC to $3,000 USD. In an appearance on CNN, Pompliano called for Bitcoin fundamentals to take center stage rather than recent crypto market selloffs.
Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts
Bitcoin and Mastercard In Same League, Says Pomp
Went on @cnni to talk about why Bitcoin isn't dead.
Don't listen to the noise. Focus on the fundamentals. pic.twitter.com/hgwR7eyhND
— Pomp 🌪 (@APompliano) November 23, 2018
“We have a very deep conviction on a long-term basis,” Morgan Creek’s Pompliano said.
“If you look at the fundamentals on a 24-hour basis on the Bitcoin network, that’s about $4.6 billion as of lately. The market cap is $74 billion, so that’s a 16x multiple in transaction volume for market cap.”
Pompliano then compared Bitcoin with global payment processor Mastercard, highlighting how Mastercard currently processes transactions worth $11 billion daily, while, in comparison, the Bitcoin network’s 24-hour transaction volume currently averages to around $4 billion and has been double that in the past.
To that end, Pompliano suggested Bitcoin was in the same league as Mastercard, with there being plenty of ground to gain.
The difference is that Bitcoin is just 10 years old while Mastercard has been around since 1966.
And there’s more to achieve yet, says Pompliano and cryptocurrency stalwarts like him, with the underlying technical fundamentals being what’s really worth watching along the way.
Can Crypto Weather a Bleak Global Economy?
Meanwhile, Pompliano projected traditional markets will turn “bleak” in the next 10 years.
“We tend to think that the public equity outlook over the next 10 years is bleak,” he said. “But we think cryptos can have multiples […] We have that long-term outlook based on positive sentiment.”
“We tend to think that the work today is going to lay the groundwork for price movement moving forward over the next two to three years until we see the Fidelity and Bakkts coming into the space,” he added.
The grand question for now, then, is if bitcoin and the wider cryptoeconomy would be shellacked — or could withstand — a global recession.
The top Bitcoin fundamentals: what are they in your opinion? Share your views in the comments section below.
Images via Pixabay