• Over 89% of holders are profitable with the Bitcoin going by when they last bought the crypto

• Demand and the launch of new products is set to push prices higher

• Bitcoin price could still hit the $100,000 level this year

Pomp Investments founder Anthony Pompliano says that Bitcoin is still the king in crypto, even though the market is trying to rebound from last week’s crash.

In an interview with CNBC’s ‘Squawk Box’ on Monday, the bitcoin investor and analyst said most people who own Bitcoin are in profit and noted that there are weaknesses in monetary and fiscal policy that make the crypto better than the dollar.

Pompliano’s comments come as Bitcoin seeks to extend gains above $57,000 following Friday’s dip below $54,000 as the global market reacted to concerns over the discovery of omicron, a new covid-19 variant that saw the UK and the US restrict travel from six southern Africa countries.

89%-90% of bitcoin holders are in profit

Pompliano said that even though Bitcoin has fallen, it’s worth considering its real value. Looking at these data, he explained, most people are in profit given the last floor price of $20,000.

“If you look at how many people own Bitcoin, what that price was compared to now, so 89% to 90% of people are in profit,” he said.

The Bitcoin bull points out that Bitcoin is in high demand, with more adoption likely due to moves like those of Invesco which announced plans for launching a spot Bitcoin exchange-traded commodity (ETP).

According to Pompliano, Bitcoin (BTC) “is the last remaining free market.” It’s a technology that does not need any sort of intervention from anyone, which is practically what happens in the fiat markets as seen throughout 2020 as the pandemic forced governments into a money-printing frenzy.

The investor believes the world is still awakening to this asset class, even though the huge profitability for holders gives market a little room to maneuver on the downside.

He also noted that Bitcoin’s onchain metrics show growing adoption around the world, with institutional entry pushing it higher.

In a tweet, Pomp Investments chief stated that Bitcoin investors are struggling to cope with volatility. Even as the network becomes decentralised, this is still happening.

The on-chain metrics of bitcoin continue to tell a very compelling story.

There are many ways to look at the network. However, it is clear that adoption is increasing and people are willing to endure volatility & we are becoming decentralized. pic.twitter.com/YUqWrcs29L57

. @SquawkCNBC pic.twitter.com/YUqWrcs90L

— Pomp (@APompliano) November 29, 2021

The Bitcoin market has faced some bearishness over the past several weeks, with the leading crypto’s price dipping more than 21% since touching highs above $69,000 around 10 November.

But Pompliano was clear on one thing: he wasn’t selling his BTC. He notes that millions of other hodlers are long on crypto, which he says will still hit the $100,000 mark by the end of the year.

earlier, Voyager Digital CEO Stephen Ehrlich said last week’s sell-off was a “knee-jerk reaction” to broader market sentiment.