The founder and Partner at Morgan Creek Digital, Anthony Pompliano has once again spoken in the favor of Bitcoin, the top digital asset in the world in terms of market capitalization. He is of the view that the major digital currency has shown exponential growth since it recorded lows in the mid-March price crash and is up over 300 percent since that time.
Pompliano has been advocating Bitcoin in the past but this time he has slapped those who were criticizing Bitcoin over its performance. He referred them to as “talkative heads” and proved them wrong regarding Bitcoin. He claimed that the top-ranked digital currency is still the best safe-haven asset. He has explained his point of view in a Twitter thread.
He said that now seven months have passed since the cryptocurrency market including Bitcoin (BTC) suffered a severe price crash in the mid of March because of the global pandemic. Pompliano said that the price value of BTC is up by over 300 percent since those lows. He said that the leading digital currency has outperformed all of the other assets of the world throughout this year so far. Bitcoin is also up by approximately 83 percent on a Year-to-Date (YTD) basis which is more than that of any other asset, claimed Pomp.
Adding more to it, he said that these “talking heads” have been criticizing Bitcoin saying that the digital asset did not prove as a safe-haven asset in March and April while referring to the low correlation of Bitcoin to other assets.
While responding to it, he argued that this was a temporary thing and said that it not only happened to Bitcoin but also happened to other assets such as stocks and gold, etc. as well. While sharing the current correlation of Bitcoin to the stocks market, he added that it is currently standing at zero saying “it could not be more uncorrelated than it is right now”.
In the end, he said that the digital asset has outshined all other assets whether it is gold, stock, or oil. The current situation of the market is proving Bitcoin as a safe-haven asset, he added.