The Current Market Conditions Are Reportedly “Bitcoin Rocket Fuel”
The crypto market seems to be in the middle of a freefall once again. In about half an hour, the price of Bitcoin dropped by $200, and it looks to continue the same way.
At the moment of writing this article, Bitcoin is priced at $4,889.79.
Bitcoin was able to climb after the latest fall in price, but there’s still massive volatility in the crypto market.
The online publication the Daily Hodl reveals that the Morgan Creek co-founder Anthony Pompliano said that he recently bought the dip when BTC reached about $4,000 and he remains optimistic for the future of the most important coin in the market.
“Basically, what you guys have to understand is that there’s incredible pressure in the Bitcoin market but nothing about the network changed. It’s completely stable. It’s exactly how it was, and there’s been a very big price discount,” he said.
He continued and explained, “Of course, we’re bullish. As I said earlier this week, I bought more Bitcoin. We bought more Bitcoin at Morgan Creek. We definitely think that there is the same exact investment thesis that’s laid out.”
The crypto market conditions fuel BTC
Pomp also made sure to highlight the fact that the current market conditions are nothing but fuel for the most important coin in the market.
“The more that we see the Bitcoin price and other assets drawing down, the more the Fed and the others are going to step in, create monetary stimulus,” he continued.
He highlighted the fact that investors will go crazy from the fear and uncertainty and this will make them move to a hedge – he believes that they will turn to Bitcoin and gold as well.
“They did this in 2008, and they’re going to do it again here,” he concluded.
There are a lot of Bitcoin breakdown predictions these days, and the crypto market is highly volatile.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.