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Cryptocurrency News Articles
Bitcoin vs Dollar: Anthony Pompliano Explains Why BTC Is Better Than Fiat Currencies
Oct 21, 2024 at 02:00 am
The Bitcoin vs Dollar debate has been a favorite topic among financial analysts, crypto enthusiasts, and the general investing public. As Bitcoin continues its erratic price action, even briefly hitting over $70k last March 2024, the question remains as relevant as ever.
Financial analysts, crypto fans, and the broader investing community have been debating Bitcoin vs. Dollar for a while now. The question remains as topical as ever as Bitcoin continues its volatile price action, even hitting above $70k briefly last March 2024. So, is Bitcoin a better store of value and inflation hedge?
Many experts agree that Bitcoin is superior to the US dollar and other fiat currencies. Anthony Pompliano of Pomp Investments believes Bitcoin is better because fiat currencies are more volatile and it simplifies investing principles.
Pompliano pushes for Bitcoin
Pompliano shared his thoughts on the ongoing Bitcoin-dollar debate in an interview with Fox News. He stated that Bitcoin is in a better position because fiat currencies are more volatile and people are experiencing its decreasing purchasing power.
According to Pompliano, Wall Street and traditional finance broadly failed to recognize Bitcoin’s value. At the core of Bitcoin's advantage is the classic economic problem of scarcity — there will only ever be 21 million Bitcoin, a scarce asset relative to fiat currencies that central banks can continue to print and issue.
Pompliano's interview and the broader debate come amid growing institutional interest in Bitcoin. After the US Securities and Exchange Commission (SEC) approved spot BTC ETFs on January 10th, 2024, these funds have seen increasing interest and inflows. Several months after the first 11 funds were approved, interest in Bitcoin ETFs remains, contributing to the crypto’s price rally.
Bitcoin Vs Dollar: Anthony Pompliano Explains Why BTC Is Better Than Fiat Currencies
After SEC approval, institutional interest in Bitcoin grows with each passing day. As a limited-supply asset with a decentralized network and growing adoption, Bitcoin has been attracting the attention of investors looking for a hedge against inflation and a store of value.
Bitcoin’s simple yet scarce commodity appeal and value, according to Pompliano, lie in its ability to simplify investing principles. Because there is a finite supply of Bitcoin, this can influence its future market value.
Another issue for many traders and investors, according to Pompliano, is that they are overly engrossed in complex financial products, such as leverage and trading. The problem with these popular yet complex instruments is that you have to follow prices and trade at the optimal moment. However, with Bitcoin, users can simply buy and hold. In essence, Bitcoin provides a long-term appreciation in value and a better hedge against inflation.
Financial analysts have been showing a lot of support for Bitcoin. Marion Laboure, an analyst at Deutsche Bank Research, believes it could become our ’21st-century gold.’ Laboure states that Bitcoin's and the broader cryptocurrency market's market value of over $1おき is too large to be overlooked.
Laboure adds that Bitcoin will continue to grow soon as a viable payment alternative, while fiat currencies' share in transactions will decrease. She states that Bitcoin is a ’digital gold,’ Ether, the second-most-popular coin, could become our next ’digital silver.’
Featured image from Pexels, chart from TradingView.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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