Bitcoin Hits New 2024 High!

Anthony Pompliano went on Fox Business to talk bitcoin hitting $50,000, Wall Street demand, and will there be future altcoin ETFs?

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All right folks so Bitcoin actually hit 50,000 today but my next guest says Bitcoin ETFs are sounding an alarm I’m going to bring in comp pomp Investments investor uh uh Anthony Pompano and pomp you say you know that these Bitcoin and ETFs they’re sounding the alarm I I at

First it felt like everyone including yourself were really enthused about it did they not go off right that they what’s the hitch the the alarm’s good for bitcoiners if you think about what’s happening right here uh Wall Street an intelligence test if you paid attention in economics 101 you’re going to pass

This test there is hundreds of millions of dollars per day flowing into these Bitcoin ETFs and there is only about4 to $45 million of net new Bitcoin being produced so there’s 12 and a half times more demand than there is Supply being created every single day if there’s that

Much demand and that little Supply the price has got to go up to accommodate everyone and so my guess is that we’re about to see Bitcoin continue to grind up over the next couple of weeks so that’s the structural buildup for this next big move correct what’s holding that back then

Well the bitcoin’s not being held back right I mean it was at 47 it went down to 40,000 cuz everyone was dumping gbtc now all of a sudden we’re back to 50,000 I think 50,000 is a psychological level as well people get really excited they say hey we’re going back towards

All-time highs and as soon as Bitcoin starts saying it somehow it usually happens it does right now you say you’ve got the next big bet share that with us yeah so if you look at what happened with the Bitcoin ETF right Bitcoin is an asset it’s now been accepted within Wall

Street and now people want to get access and so we have these Bitcoin ETF issuers I think that the next big run of equities is going to end up being an coin ETFs and what I mean by that is forget which coin or which protocol but the altcoin ETF issuers I think are

Going to have a great run over the next two years I’ve made three bets here I invested in bitwise I invested in a company called 21 shares and then the only publicly traded company is something called defi Technologies and all three of these they basically want to give people exposure to assets they

Don’t care which one you pick they just want to make sure that it’s easier for you to put money into this ecosystem and this industry and I think all three of do well so a big thing with the ETF the the the spot ETFs was General acceptance

Not just not just Wall Street but you know wall stre kind of NE give the veneer of acceptance so you know you’re watching the Super Bowl you couldn’t help us see Jack dorsy in there with Beyonce and Jay-Z with the sator shirt on then I don’t know what this was about

But I saw uh President Biden now he’s got the laser eyes I don’t know if that has anything to do with Bitcoin uh but the bottom line though is generally do you think that it’s starting to reheat because there was this massive sort of hey everyone was talking about it then

It kind of fell apart and you know when that when that happens a lot of folks who are not necessarily intelligent you know into these things they walk away and never come back it feels like they’re coming back the beauty of Bitcoin is that it’s a decentralized

Organization there is no CEO there’s no board of directors and there is no marketing team but price is the marketing campaign and as the price goes up more people talk about it we’re talking about it here today more investors start to pay attention they put capital in has this positive

Reflexive uh kind of mechanism which will drive the price higher and higher which gets more people talking about it and that’s what leads to the performance so what’s the all-time high the all-time high is $69,000 most entertaining outcome of a course is exactly what’s going to happen

So but you think we’ll at least test that this year maybe I think that we’ll go to a new all-time high before the end of the year especially if we continue to see hundreds of millions of dollars flowing into these ETFs every day right it’s been amazing wow absolutely thank

You so much I appreciate it appreciate it