Pompliano Talks Bull Market: Adoption Continues as Bitcoin Doubles YTD

For much of 2023, the narrative both inside and outside crypto circles has been about the harsh and lengthy crypto winter the market has endured. In reality, Bitcoin (BTC) has made a mockery of these suggestions and has now doubled in price since the start of the year. Finally, the sentiment is starting to shift, as even mainstream media is starting to get on board with the digital currency.

Pomp Joins CNBC For Lengthy Segment

Popular crypto investor and entrepreneur Anthony Pompliano spoke to Bitcoin’s impressive 2023 in a segment on CNBC yesterday, highlighting the industry’s renewed appetite for digital currency-related news. The key to Pomp’s discussion was his take on current macroeconomic conditions – where interest rates/inflation are high, and unrest in the Middle East/Eastern Europe is making traditional investments less appealing. He also discussed the growing adoption of BTC, with big financial institutions like BlackRock and Invesco entering the game on the back of a pending SEC approval for spot Bitcoin ETFs.

Perhaps more important than any one thing Pompliano said was the very fact he said anything at all. CNBC is a prominent television and news channel in the United States, and giving significant airtime to a well-known Bitcoin bull clearly shows that even non-community members are starting to rekindle their interest in BTC. 

Bitcoin Leads the Way

Bitcoin’s extraordinary past couple of weeks mean the coin’s price has now reached its 17-month high, exceeding the $35k barrier (AUD $55.58k). There are several reasons for Bitcoin making a move – upcoming events like BTC halving and spot ETFs being perhaps the biggest. However, it appears that BTC may finally be decoupling from equities markets (stocks and bonds), which would truly cement the digital asset as a hedge against inflation and a powerful way for investors to diversify their portfolios.

Larry Fink, CEO of BlackRock, stated that Bitcoin has become the flight to quality. This means in troublesome markets – like the crypto winter of 2022-23 – BTC is the “quality” asset that investors consolidate most of their money into. Given its performance over the past 10 months, it’s pretty easy to see why Fink believes this to be the case. 

How far Bitcoin can run before (or if) it retraces remains to be seen. But the hype will continue to build until at least the SEC’s spot ETF approval. For now, adoption and mainstream attention are being recaptured at the greatest rate since the explosion of 2021.