Co-founder of Morgan Creek Digital Anthony Pomplianostated that their views on the leading asset of the crypto world have not changed and that the ‘king’ is still this asset.
Speaking in a new interview on CNBC’s Squawk Box, Pompliano highlighted that the top crypto still has many bullish fundamentals despite any downside.
“In your hand Bitcoin (BTC) If you look at how many people who hold it are in profit, basically where they bought Bitcoin, you can see that 89-90% of people are in profit, compared to the current price of that price…
I do not sell my Bitcoin even though it is an undisciplined monetary and fiscal policy. There are millions of people who do not sell their bitcoins and the demand continues to increase.
This morning, we saw Invesco launch an (exchange-traded product) ETP with spot Bitcoin, and I think you will continue to see products like this come to market. Demand continues to increase your fixed supply asset.
The US dollar price should rise over time to accommodate everyone.”
Pompliano, Bitcoin’s impact on the market, Ethereum (ETH) and Solana (SOL), showing that it is still the “king crypto asset” despite the big moves by other cryptocurrencies.
“I think Bitcoin is still king by far. When it moves, everything else moves with it. If Bitcoin goes down, other things tend to move down. That’s changing a bit, but I think it’s still mostly true.”
He also stated that while it is true that investors are investing in other crypto assets, they are all turning to Bitcoin again.
“Ultimately, what you see is a rotation going on. Sometimes you will see Bitcoin go up and then people will switch to some of the other cryptocurrencies, then back to Bitcoin.”
The Bitcoin bull explains that just like stocks and other financial markets, crypto investors are gravitating towards less volatile assets.
“There is a market structure that still applies here. In bull and bear markets, large assets will be less volatile than small assets.
So I think that when people push the risk curve during a bull market, they always go back to less volatile assets in a bear market.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.