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Over 89% of holders are profitable with the Bitcoin going by when they last bought the crypto
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Demand and the launch of new products is set to push prices higher
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Bitcoin price could still hit the $100,000 level this year
Anthony Pompliano, the founder of Pomp Investments, says Bitcoin is still the king of crypto even as the market seeks to bounce off last week’s price crash.
In an interview with CNBC’s ‘Squawk Box’ on Monday, the bitcoin investor and analyst said most people who own Bitcoin are in profit and noted that there are weaknesses in monetary and fiscal policy that make the crypto better than the dollar.
Pompliano’s comments come as Bitcoin seeks to extend gains above $57,000 following Friday’s dip below $54,000 as the global market reacted to concerns over the discovery of omicron, a new covid-19 variant that saw the UK and the US restrict travel from six southern Africa countries.
89%-90% of bitcoin holders are in profit
Pompliano says even though the current slide has pushed BTC lower, one way of looking at it is to consider its realized value. Looking at these data, he explained, most people are in profit given the last floor price of $20,000.
“If you look at how many people own Bitcoin, what that price was compared to now, so 89% to 90% of people are in profit,” he said.
The Bitcoin bull notes that demand is still high for Bitcoin, with more adoption of the asset class likely given moves like that of Invesco, which has announced plans to launch a spot Bitcoin exchange-traded product (ETP).
According to Pompliano, Bitcoin (BTC) “is
