Crypto influencer Anthony “Pomp” Pompliano says that Bitcoin’s on-chain transparency will be the next major selling point for investors.
Speaking in a recent episode of “The Best Business Show”, Pompliano told viewers that the transparency of Bitcoin’s on-chain data will be increasingly appealing to investors. Pomp cautioned that while on-chain data is not “some magical indicator,” it does offer users and investors a level of transparency that is difficult to find in the traditional equities sector.
As reported by The Daily Hodl, Pomp said,
This data is available in the Bitcoin market. It’s like getting an earnings report every single day on the Bitcoin network.
Pompliano predicted that Wall Street investors would eventually come around to the importance of on-chain metrics, driving greater interest towards Bitcoin and crypto. He was bullish on the appeal of Bitcoin’s transparency, saying that the access and availability of on-chain data would drive “more investors” and “more and more traders” towards the crypto market.
Pomp also highlighted data showing that more than half of Bitcoin’s circulating supply has not moved in the last twelve months, giving some indication that most investors are holding for the long-term.
My favorite metric though is that 64.5% of Bitcoin hasn’t moved in a year. This market’s illiquid, and it’s going to take a catalyst of demand to drive the price higher.
While Pomp said he was unsure where the catalyst for demand would come from, he predicted Bitcoin would move “fast once it gets going.”
To make sure you receive a FREE newsletter every Friday that features highlights from that week’s most popular stories, click here.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured Image by “WorldSpectrum” via Pixabay.com
Source: Read Full Article