Why This Investor Says 'Wild Price Action To The Upside' Is Coming For Bitcoin

Around 70% of Bitcoin BTC/USD is being held by long-term investors, Pomp Investments' Anthony Pompliano said Monday on CNBC's "Squawk Box."

Accounting for lost coins in circulation, over 80% of Bitcoin is being held by long-term holders, Pompliano said, adding that the last time that happened "we saw about a 500% move upwards." Through the rest of this year, he expects to see "some wild price action to the upside."

Bitcoin brings a censorship-resistant network to the world and people are starting to realize its technical superiority, he said.

Pompliano told CNBC he has over 90% of his liquid net worth in Bitcoin.

Related Link: How Bitcoin Is Preparing For An Explosive Bullish Break

The older generations view Bitcoin as a high-risk investment, but the crypto community views it as the most conservative investment in the crypto space, he said.

"I think that we are going to see very, very fast price appreciation through the end of this year," Pompliano said.

In 2017, Bitcoin doubled in price in 18 days: "It would not surprise me to see something crazy like that happen before the end of the year."

Pompliano is sticking with his $100,000 price target, but said he wouldn't be surprised if Bitcoin traded much higher than that before the end of the year.

BTC Price Action: Bitcoin is up 73.41% year-to-date.

THe crypto was up 3.73% at $50,230 at time of the publciaiton.