According to Bitcoin advocate and venture capitalist Anthony Pompliano, Bitcoin (BTC) will be the primary asset for safeguarding the wealth generated from AI in the next ten years. In an interview with CNBC on June 24, the founder of Pomp Investments emphasized that the rise of AI will create significant wealth and Bitcoin will play a crucial role in protecting it. Pompliano also rejected the notion that AI has replaced Bitcoin and the broader cryptocurrency industry, asserting that the two will complement each other in the next decade.
Pompliano believes that the productivity from AI has the potential to boost GDP, with Bitcoin serving as a means to preserve this wealth. He warned against focusing on short-term market fluctuations, emphasizing the significant long-term impact of AI and Bitcoin on the economy. While Bitcoin recently hit a seven-week low of $59,086, this decline was attributed to various factors including the planned sale of $8.5 billion worth of Bitcoin by M Gox to its creditors, outflows from spot Bitcoin exchange-traded funds exceeding $1 billion, and substantial selloffs from Bitcoin miners.
As a result, the Crypto Fear & Greed Index currently rates Bitcoin and the cryptocurrency market sentiment as “Neutral” with a score of 51 out of 100, a decline from the previous week’s “Greed” rating of 71 out of 100. Despite the 15% price drop, Pompliano remains unfazed, noting that significant price pullbacks are common in bull markets. He also pointed out that the market typically trades sideways in the second and third quarters, particularly in halving years. Pompliano anticipates another price rally by the end of the year or the beginning of 2025, based on historical trends during halving years.