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Anthony Pompliano, one of the most famous figures in the cryptospace, posted a number 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 that Pompliano gives. Among other things, he explains why he sees Bitcoin as an excellent store of value in the future.
Anthony Pompliano vs. Bitcoin opponents: who was right?
The day before yesterday, Anthony Pompliano published a series of tweets explaining his views on the performance and role of Bitcoin in uncertain economic times.
So his address begins with the following sentence:
Many of the doubters have repeatedly emphasized that Bitcoin is a terrible asset in economic crises like the current one.
But they were taught better.
Pomp then scrutinized several theses from Bitcoin skeptics and confronted the critics with his arguments.
Pompliano begins his argument with Black Thursday, which took place on March 12th this year. The economic shock that day brought not only Bitcoin and all other altcoins, but also the stock market and oil prices southwards.
Pomp explained that there was a general decline in this regard. In other words: the short-term panic resulted in a general liquidation, so that all (!) Asset classes were affected by this phenomenon.
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Bitcoin price is 300% above the March level
Anthony Pompliano continues his argument and points out that BTC has already increased by more than 300 percent (!) Since the annual 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, according to Pompliano.
Bitcoin is 83% above the start of the year and more than 300% above the year low in March. BTC has outperformed all other asset classes by a significant amount.
Correlation to the stock market drops drastically
At the end of his Twitter series, Pompliano addresses the most frequent critics‘ argument. It has been shown time and again that the correlation between Bitcoin and the stock market was extremely high.
This led to the conclusion that BTC per se is not a good hedge. Pompliano confirms that there was an increased correlation, but it should be noted that other asset classes such as gold also correlated with the stock market for a short time (!).
However, this perspective has changed and the correlation between BTC and the stock market is heading back towards 0. This means that there is practically no correlation and the two asset classes are uncorrelated.