2-3 Years Of Bull Market Might Be On The Horizon According To Pomp
After a disappointing 2018, it’s might be safe t assume that Bitcoin has had a stellar year so far in 2019. The price more than doubled, surging 137 percent year-to-date. With most of the gains made in the last two months, however, it’s perhaps reasonable to wonder whether or not things will end up as they did after the parabolic surge of late 2017.
In an interview with CNBC, Pomp made the same points to the mainstream financial analysts.
The current picture of the movement of Bitcoin’s price reminds quite a bit of what happened in late 2017, the beginning of 2018. Back then, the year kicked off with Bitcoin trading at around $1,000, and by the end of May, it was sitting in the comfortable range of about $2,300. Interestingly enough, this represented an increase of around 130 percent – almost the exact number that we see in 2019 so far.
On the question of whether Bitcoin has real utility as a currency, the answer is mixed. Although Bitcoin’s main use case as a darknet market currency has been diminished by the closure of many such markets, the coin is now seeing mainstream acceptance at stores like Whole Foods and Home Depot. This could indicate that mainstream acceptance of Bitcoin is taking off.
Even Arthur Hayes, the CEO of BitMEX had similar things to say as Pomp:
“The bull market is real. A momentary dip below $7,000, and a few days later we are back above $8,000 and the [June and September] contracts are in contango. Booyah!”
While the 2017 bull run of the crypto market was triggered by booming retail interest, Digital Currency Group (DCG) CEO Barry Silbert stated that 2019 rally has been catalyzed by the noticeable improvement in institutionalization and the infrastructure supporting the asset class.