Anthony Pompliano, CEO of Professional Capital Management, suggested on Thursday that buying Bitcoin (CRYPTO: BTC) when it’s out of favor could be a good contrarian play.
Will An Underwhelming BTC Excite Investors?
In a CNBC Squawk Box interview, Pompliano likened Bitcoin to “a dog with fleas,” acknowledging its recent underperformance.
The Bitcoin bull noted that AI-linked names are “flying,” and investors are chasing that momentum.
“Usually the thing that you want to be buying is the thing that’s out of favor, and it can come back into favor over time,” Pompliano argued.
He also tied Bitcoin’s upside to dollar debasement, adding that as long as the U.S. government continues to print fiat money, the leading cryptocurrency has strong potential for a comeback.
Read Also: JPMorgan: Bitcoin, Gold ETF Outflows Mean The Debasement Trade Is Cooling
Is Bitcoin A Hedge Or Risk-On Asset?
Pompliano maintained that Bitcoin could eventually reach $1 million over time, adding that timing remains the most difficult part of any long-term price forecast.
Apart from Bitcoin, Pompliano has also stressed the importance of holding gold as a “hedge” against dollar debasement.
However, it’s worth noting that Bitcoin has markedly diverged from the broader global markets lately.
While major assets, such as the Nasdaq Composite, S&P 500 and gold, have delivered strong returns over the past year, Bitcoin has lost more than 30% of its value. In other words, it has neither served as an inflation hedge nor as a risk-on asset.
|
Asset |
YTD Gains +/- |
1-Year Gains +/- |
|---|---|---|
|
Bitcoin |
-17.15% |
-32.10% |
|
Spot Gold |
+3.70% |
+36.01% |
|
Nasdaq Composite |
+15.81% |
+40.37% |
|
S&P 500 |
+0.58% |
+27.93% |
Market commentator Bull Theory also drew attention to Bitcoin’s decoupling, adding, “Either something is broken at the core of the crypto market, or this is the biggest coordinated manipulation.”
Price Action: At the time of writing, BTC was exchanging hands at $73,122.09, up 0.15% in the last 24 hours, according to data from Benzinga Pro.
Read Also: Trump Says He ‘Saved’ Crypto, But Did Bitcoin, Ethereum, XRP Actually Benefit?
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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This article Anthony Pompliano Calls Bitcoin A ‘Dog With Fleas’ And That’s Why People ‘Should Be Interested’— But Is The Crypto Market ‘Broken’? originally appeared on Benzinga.com
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