Bitcoin (BTC) will be the asset of choice to secure wealth generated by artificial intelligence
Bitcoin (BTC) will be the asset of choice for securing AI-generated wealth over the next decade, says venture capitalist and Bitcoin bull Anthony Pompliano.
“We’re moving toward this automated world where artificial intelligence will create enormous amounts of wealth, and Bitcoin will protect that wealth,” the Pomp Investments founder explained to CNBC in a June 24 interview.
Pompliano dismissed the idea that AI has replaced Bitcoin and the broader cryptocurrency industry as the hot new technology trend, explaining that the two technologies will work side by side over the next 10 years.
“It is possible that GDP will increase due to the productivity of AI and the ability of Bitcoin to protect a lot of that wealth,” Pompliano said. “I think people who are looking at this as what’s going to happen day after day or week after week are missing these strong winds over the next decade.”
“When you see these technologies coming together, the easiest way to see the crossover is what funds are going to be used for these machines? »
Artificial intelligence will create enormous amounts of wealth and #Bitcoin You will protect this wealth.pic.twitter.com/f14bLLfJ5v
– Michael Saylor⚡️ (@saylor) June 24, 2024
On June 23, Bitcoin hit a seven-week low of $59,086.
The negative sentiment came largely from Ms. Gox’s willingness to sell $8.5 billion worth of bitcoin to her creditors and immediate bitcoin exchange-traded fund inflows exceeding $1 billion over the past 10 trading days .
There was also a massive sell-off from Bitcoin miners.
about: Can BTC Price Support of $60,000 Continue? 5 things to know about Bitcoin this week
As a result, market sentiment for Bitcoin and cryptocurrencies fell into “neutral” territory with a score of 51 out of 100, according to the Crypto Fear & Greed Index.
This time last week, he was in the “greed” zone with a score of 71 out of 100.
But Pompliano is unfazed by the current 15% price drop, noting that many price drops of 30% or more typically occur in bull markets.
Pompliano explained that a lot of people in the public markets say “invest until May, then move out,” and as a result, the second and third quarters tend to trade sideways, especially in the six months.
Pompliano thinks it’s happening again here – but he expects prices to rise again in the fourth quarter or early 2025, which has also been a historic trend during the half-year.
review: Bitcoin’s “Second Layer” Isn’t a Second-Level Layer at All: That’s Why It’s Important
