CNBC journalist Talia Kaplan discusses the Federal Reserve, financial markets, interest rates, and why she believes bitcoin bull market has begun. They explore the surge in Bitcoin price, Jamie Diamond's comments on shutting down crypto, the potential benefits of embracing crypto in America, and the outlook for crypto in 2024 including catalysts and potential price appreciation.
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Quick takeaways
Bitcoin's recent price increase can be attributed to speculation around the Bitcoin ETF approval, return to quantitative easing, and the departure of major crypto exchange CEOs, resulting in increased capital inflow.
Bitcoin has bottomed out and is now in the early stages of a bull market, with strong indicators pointing to increased capital inflow and rising prices in the coming years, making it an attractive investment option.
Deep dives
Reasons for Bitcoin's recent price increase
Bitcoin's recent price increase can be attributed to several factors. First, there's speculation around the Bitcoin ETF, as approval is expected, leading to increased buying in anticipation of the price going up. Second, in the macroeconomic environment, there is anticipation of a return to quantitative easing, which could lead to a rapid rise in many assets, including Bitcoin. Third, the market tends to enjoy certainty, and the departure of major crypto exchange CEOs has provided a degree of certainty, resulting in increased capital inflow. Overall, capital is flowing into the market, and with a large percentage of Bitcoin circulation remaining idle, the price is expected to continue rising.
The beginning of Bitcoin's bull market
The Bitcoin bull market has begun. Historical market cycles suggest that from the bottom of the last bear market to the top of the next bull market, there is typically a two and a half to three-year period, followed by a market correction. Bitcoin has bottomed out and is now in the early stages of a bull market. While the future returns and drawdowns cannot be predicted with certainty, strong indicators point to increased capital inflow and rising prices in the coming years.
The performance of Bitcoin miners and altcoins
Bitcoin miners have outperformed the broader market, with leading miners experiencing two times the price increase of Bitcoin itself. This trend is similar to the gold market, where gold mining businesses often outperform spot gold. Altcoins have also seen demand, especially during bull markets. However, the durability of altcoins versus Bitcoin over the long run remains uncertain, as many altcoins tend to disappear while Bitcoin remains a resilient and consistent asset. Investors must consider the risk-reward profiles of different assets when deciding between altcoins and Bitcoin.
Anthony Pompliano sat down with CNBC's Talia Kaplan. Topics include Federal Reserve, financial markets, interest rates, bitcoin, why he expects capital to flow into the asset class, and why he believes bitcoin bull market has begun.
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Pomp writes a daily letter to over 250,000+ investors about business, technology, and finance. He breaks down complex topics into easy-to-understand language while sharing opinions on various aspects of each industry. You can subscribe at https://pomp.substack.com/
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