Anthony Pompliano, co-founder of Morgan Creek Digital, still sees Bitcoin (BTC) as the leading cryptocurrency.
In a new interview on CNBC Squawk Box, Pompliano stated that the top cryptocurrency still has many bullish fundamentals despite any downside.
“If you look at how many people who hold Bitcoin are in profit, basically from where they bought Bitcoin, compared to the current price of this price, 89-90% of people are in profit… Even though we have an undisciplined monetary and fiscal policy, I do not sell my Bitcoins. There are millions of people who do not sell their bitcoins and the demand continues to increase. ”
Pompliano says that Bitcoin’s impact on the market shows that it is still the king cryptocurrency despite the big moves from other cryptocurrencies including Ethereum (ETH) and Solana (SOL).
“I think Bitcoin is still king by far. When it moves, everything else moves with it. If Bitcoin goes down, other things tend to move down. That changes a bit, but I think it’s still mostly true. ”
While it’s true that investors are investing in other crypto assets, he says they’re all turning to Bitcoin again.
“What you finally see is that you see a rotation going on. Sometimes you will see Bitcoin go up and then people will switch to some of the other cryptocurrencies, then back to Bitcoin. ”
Bitcoin bull explains that just like stocks and other financial markets, crypto investors are gravitating towards less volatile assets.
“People always go back to less volatile assets in a bear market while pushing the risk curve during a bull market. ”
