Bitcoin will protect the wealth that AI creates: Pompliano

Brayden Lindrea8 hours agoBitcoin will protect the wealth that AI creates: PomplianoAI machines will need to use and store their wealth somewhere, and Bitcoin is the logical choice for that, Anthony Pompliano says.3136 Total views33 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin will be the preferred asset to secure wealth created from AI over the next decade, says Bitcoin bull and venture capitalist Anthony Pompliano.

“We are going into this automated world where AI is going to create enormous amounts of wealth, and Bitcoin is going to protect that wealth,” the Pomp Investments founder explained to CNBC in a June 24 interview.

Pompliano dismissed the idea that AI has replaced Bitcoin (BTC) and the broader cryptocurrency industry as the new hot tech trend, explaining that the two technologies will instead work in tandem over the next 10 years.

“There’s a potential that GDP will actually increase because of the productivity from AI and then Bitcoin being able to protect a lot of this wealth,” Pompliano said. “I think that people looking at this as what’s going to happen day-to-day or week-to-week are missing this huge tailwind for the next decade.”“When you see these technologies coming together, an easy way to see the intersection is what money are these machines going to use?”AI is going to create enormous amounts of wealth and #Bitcoin is going to protect that wealth.pic.twitter.com/f14bLLfJ5v— Michael Saylor⚡️ (@saylor) June 24, 2024

On June 23, Bitcoin reached a seven-week low of $59,086.

Negative sentiment has largely come from Mt. Gox preparing to sell $8.5 billion worth of Bitcoin to its creditors and spot Bitcoin exchange-traded fund outflows topping $1 billion over the last 10 trading days.

There’s also been a large selloff from Bitcoin miners.

Related:Can $60K BTC price support hold? 5 things to know in Bitcoin this week

Consequently, Bitcoin and cryptocurrency market sentiment has fallen to the “Neutral” zone with a score of 51 out of 100, according to the Crypto Fear and Greed Index.

This time last week, it was in the “Greed” zone with a score of 71 out of 100.Bitcoin and the cryptocurrency sector’s Fear & Greed Index score. Source: Alternative.me

But Pompliano isn’t bothered by the current 15% price fall, pointing out that several price pullbacks of 30% or more typically occur in bull markets.

A lot of people in public markets say “invest in until May and go away” and as a result, the second and third quarters tend to trade sideways — particularly in halving years — Pompliano explained.

Pompliano thinks that is happening again here — but he expects another price rally to come in the last quarter or the start of 2025, which has also been a historical trend in halving years.

Magazine:‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters# Bitcoin# Business# Adoption# AI# Value# Cold Storage# Bitcoin Halving# Mt. Gox# Bitcoin ETFAdd reaction