The recent surge in Bitcoin price has again made Bitcoin enthusiast more vocal about the crypto king. The crypto coin moved up to $11,300 on Friday after a long marabout in the $10,000 region. Anthony Pompliano took to Twitter to hype the crypto king.
The Morgan creek Co-founder also took a swipe at financial institutions that are yet to invest in Bitcoin. Pompliano said the digital coin is an asset with the best-adjusted. He added that there is nothing better than Bitcoin.
He tweeted that financial institutions apart from Square, Grayscale, and Microstrategy that have been acquiring Bitcoin, others are violating fiduciary duties if they have no exposure to Bitcoin, he said.
Pompliano said that institutional investors have paid to get the best kind of resistance assets with high returns and say Bitcoin is the best.
Bitcoin reaffirms it is king – Pompliano
Pomp said again in another tweet that Bitcoin is waking up and reminding everybody why it is king.
Recently, Microstrategy an analytics firm, and Square, a financial service platform belonging to popular tech guru Jack Dorsey bought Bitcoin. Both firms acquired almost $500,000 worth of Bitcoin between them.
Square bought $50 million worth of Bitcoin while Microstrategy bought Bitcoin worth $425 million.
Afterward, the crypto king now has broken above to $10,000 resistance into $11,000 and looks set to keep the momentum into $12,000. Funny enough, the surge in Bitcoin price is occured after Keith McCullough, CEO of HedgeyeRisk Management sold all his Bitcoin.
An anonymous Twitter account narrates that since the CEO dumped his Bitcoin on Tuesday, 6th October, the crypto price has surged by 7.69 percent.
What next for Bitcoin?
Amidst the recent surge, A big move is next for Bitcoin analysts predicts. CEO of Global Macro Investor and Real Vision Group, Raoul Pal, recently shared a tweet about Bitcoin’s drop in volatility. He suggested that there was a correlation between volatility and volume.
In his analysis, he said that Bitcoin 30 day historic volatility has been falling fast and is in the 20’s. In the past it has hit 20 percent volume 7 times, he said. 6 times prices exploded higher immediately and volume hit 80 percent in a few months. A big move is coming he concluded.
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