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The Pomp Podcast
#1404 Phil Rosen & Anthony Pompliano on Why Bitcoin & Stocks Are Crashing (And What To Do)
Sep 5, 2024
28:21
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Phil Rosen, Co-Founder of Opening Bell Daily, and Anthony Pompliano, CEO of Professional Capital Management, dive into the reasons behind the recent declines in stocks and bitcoin. They analyze interest rate impacts and the ramifications of proposed capital gains tax hikes. The duo emphasizes the importance of long-term investment strategies, such as dollar-cost averaging, amidst market volatility. They also critique government inefficiencies, drawing parallels to personal finance challenges, and call for increased competition to improve service quality.
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Quick takeaways
- Long-term investors view the current decline in Bitcoin prices as an opportunity to accumulate more, reinforcing its status as a store of value.
- Discussions on capital gains tax highlight concerns that increases could deter long-term investments, particularly among wealthier individuals.
Deep dives
Bitcoin's Current Trends and Investor Sentiment
Bitcoin is currently experiencing a decline, recently hovering around $56,000, which is down 12% over the past six months. Earlier in the year, daily active addresses reached approximately 1.2 million when Bitcoin was priced at $73,000, but this number has since fallen by 30%. Despite the price drop, long-term investors view this as an opportunity to accumulate more at a lower price, reinforcing the notion of Bitcoin as a store of value. The conversation highlights that the active user base doesn’t always reflect in transaction data; holders are also counted as active users because their engagement in Bitcoin reflects their long-term holding strategies.
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