Bitcoin advocate and prominent crypto investor Anthony Pompliano reaffirmed his bullish stance on the cryptocurrency industry during a recent interview on CNBC’s “Last Call.”
In the interview, Pompliano discussed a range of topics with host Brian Sullivan, shedding light on the recent developments within the crypto sphere.
Holding steadfast to his convictions, Pompliano dismissed concerns about the volatility of the crypto market, drawing parallels to a similar downturn in 2018 when Bitcoin’s price plummeted from $20,000 to $3,700.
“I told everyone that this is a very, very resilient industry,” he said. “Young people want these assets and they’re going to continue to buy and it would recover.”
Reflecting on the current scenario, where Bitcoin is down around 50% from its all-time highs, Pompliano remained optimistic about the market’s ability to bounce back.
Coinbase’s Recent Move Into Crypto Futures
Pompliano also discussed the recent development with Coinbase Global Inc., one of the leading cryptocurrency exchanges. The platform revealed its regulatory approval to introduce trading in cryptocurrency futures, marking a strategic expansion of its services. With this move, Coinbase dives headfirst into the lucrative domain of cryptocurrency derivatives trading.
Cryptocurrency futures present an opportunity for investors to profit by accurately predicting the price movement of specific cryptocurrencies. This expansion aligns with Coinbase’s strategic vision to tap into the broader potential of the crypto market.
The regulatory green light from the National Futures Association has paved the way for Coinbase to offer futures trading to select users in the United States.
Bitcoin (BTC) is currently trading at $26.573. Chart by TradingView.com
A Game-Changing Move
Coinbase’s entry into the cryptocurrency derivatives market holds multiple implications. Apart from the evident financial prospects, this move positions Coinbase to compete more effectively with established players like Binance.
The move enables Coinbase to diversify its offerings and cater to the demands of a broader range of investors who seek exposure to crypto derivatives.
Furthermore, Coinbase’s strategic expansion into the realm of cryptocurrency futures signifies a notable evolution, highlighting the escalating acceptance and legitimization of cryptocurrencies within the broader financial landscape.
Pompliano’s steadfast belief in the resilience of the crypto industry, combined with Coinbase’s foray into crypto futures trading, underscores the industry’s continuous evolution and maturation.
The developments signal that cryptocurrencies are gradually solidifying their place in the global financial ecosystem, attracting both retail and institutional investors.
At the time of writing, Bitcoin was trading at $26,495, retreating 7.5% in the last 24 hours, and losing nearly 10% of its value in the last seven days, data from crypto market tracker Coingecko shows.
Featured image from The Merkle News