Pompliano: Bitcoin Will Be AI's Currency of Choice

Anthony Pompliano, founder of Pomp Investments, believes Bitcoin will be essential for securing wealth generated by artificial intelligence (AI). In a recent CNBC interview on June 24, he stated that AI and Bitcoin are complementary technologies over the next decade. Pompliano dismisses the idea that AI has supplanted cryptocurrencies as the primary tech trend.

AI is expected to boost global GDP through increased productivity, and Pompliano argues that Bitcoin will serve as a protective measure for this new wealth. He notes that 'An easy way to see the intersection is what money are these machines going to use?'

Pompliano remains unfazed by the current 15% price drop of Bitcoin, which recently hit a seven-week low of $59,086 on June 23. He points out that 30% or greater pullbacks are common in bull markets and historical patterns show sideways trading in Q2 and Q3, especially in halving years.

Bernstein analysts project Bitcoin could reach $1 million by 2033, with a cycle-high of $200,000 by 2025. This forecast is driven by spot ETF demand and limited supply. Major corporate investors like MicroStrategy have seen profits soar from their Bitcoin holdings, which are valued at over $14 billion.

Pompliano anticipates another price rally in Q4 2024 or early 2025, aligning with past halving year trends. He believes that this kind of rally would completely align with past historical patterns.