Anthony Pompliano, CEO of Professional Capital Management, attributes the cryptocurrency market growth to broader global and sector-focused factors but dismisses the notion that the U.S. presidential election plays a significant role.
What Happened: In an appearance on CNBC Squawk Box on Thursday, Pompliano linked this growth to the rising adoption of stablecoins.
Pompliano, who will be a headline speaker at Benzinga’s Future of Digital Assets event on Nov. 19, noted that market conditions are favoring assets like Bitcoin (CRYPTO: BTC), which has seen a 60% rise this year. Contrary to popular belief, he doesn’t associate Bitcoin’s surge with the election or any candidate.
Pompliano attributes Bitcoin’s rise to several factors:
The post-halving supply shock
Lower interest rates from central banks
An expanding M2 money supply
Bullish investor sentiment
He predicts that Bitcoin’s value …
Full story available on Benzinga.com