The bitcoin halving that is set to take place in May will be like “rocket fuel” for an already bullish asset, this according to Anthony Pompliano, host of The Pomp Podcast.
Bitcoin halving is the process of cutting the supply of new bitcoins by half, which occurs every 210,000 blocks. Pompliano likened this process to gold miners cutting their supply by half.
“In 2009, 2010, and into 2011, 50% of the gold miners basically shut off their operations, so 50% of the incoming daily supply just disappeared. It took a scare asset and made it scarcer right at a time when all the investors are running to it and the value of gold would have gone higher,” Pompliano told Kitco News.
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