Bitcoin has hit new weekly, monthly and quarterly highs.
The upcoming halving is expected to reduce the daily supply from 900 to 450.
2024 has been a phenomenal year for #bitcoin [BTC], from the introduction of ETFs to the upcoming halving.
In a recent conversation on CNBC's "Squawk Box" program, investor and Pomp Podcast host Anthony Pompliano highlighted the role of bitcoin royalty in the financial landscape.
He noted that.
We've just reached a very important milestone before it's cut in half. " Weekly, monthly and quarterly bitcoin closing prices have reached new highs.
This highlights the volatility of bitcoin's price, which always attracts #waves of speculators looking to capitalize on market dynamics.
Shedding light on the complex nature of bitcoin and its buying potential, Mr. Pumpriano noted that the true impact of this milestone will only become apparent later.
He added.
"For some people it's a risk asset, for others it's a hedge against inflation or a store of value.
Fearing currency devaluation and rising inflation, many see bitcoin as a hedge against wealth loss.
This idea became popular when influential investors and hedge fund managers called #BTC "digital gold" and a way to protect against the fall of traditional currencies.
Drawing parallels with the historical pattern of bitcoin price movements, Mr. Pumpriano added: "The last four times the bitcoin price has not fluctuated.
On the last four occasions, bitcoin rose by at least 300% before the bull market ended.
This highlights an unprecedented milestone and hints at potential bullish implications.
In anticipation of bitcoin halving, Mr. Pumpriano noted that the daily supply of royal coins will drop from 900 to 450, which would be a major shift in the supply dynamics of cryptocurrencies.
The future looks promising with increased demand following #ETF approval and bitcoin's daily supply halving.
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