Morgan Creek Digital’s Anthony Pompliano is addressing the current state of Bitcoin. He is talking about the price of the king coin and its real value of it. Check out the latest reports below.
Bitcoin’s price and value are decoupling
It’s been just revealed that Pomp said that the most important asset by market cap lost two-thirds of its value since reaching a new all-time high last November.
During a new interview with Fox Business, Pompliano addressed ways in which Bitcoin’s price drop represents a divergence from its actual value. This is reportedly happening because the underlying fundamentals remain strong.
“We are watching a divergence. Price and value are completely decoupling right now for Bitcoin. What I mean by that is, price is down from a $69,000 high in November to around $23,000 today.”
He continued and said the following:
“But hash rate hit an all-time high today. The Bitcoin network has never been more secure than it is today. If you then go take a look at the Bitcoin wallet addresses with 0.01 Bitcoin, 0.1 Bitcoin or 1 Bitcoin in them, those all three have all hit all-time highs.”
Pomp also made sure to say the fact that the Lightning Network capacity also is hitting an all-time high.
Pomp went on and continued to say that it’s only a matter of time until BTC’s price and fundamental value converge once again.
“That decoupling as the fundamentals continue to hit all-time highs and strengthen while price is falling, I think that at some point fundamentals and the value of Bitcoin will meet price.”
He also stated the fact that the question is just where and when that happens.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $21,222.
Stay tuned for more news and make sure to check out the prices in the crypto market as well.