The popular crypto personality and co-founder of the crypto asset management firm Morgan Creek Digital Assets, Anthony Pompliano is confident that Bitcoin will hit $100,000 by the end of 2021.
As the popular “Pomp” shared in an interview with BloxLive.tv on July 2, the basic principle behind his forecast is classic supply and demand economics which is still valid for the innovative digital asset class.
One of the largest drivers of the continuous price appreciation will be Bitcoin’s halving. Pompliano is confident that when mining rewards get reduced by half in May 2020 the BTC price will skyrocket.
Meanwhile, a lot of institutional investors are in the latest cryptocurrency news but are actually unaware of the looming reduction in supply, as Pompliano noted. He suggested that what will continue to drive the market from the perspective of sentiment will be the “continuation of trends we’re already seeing.”
Pompliano is confident about the future legitimization of the space, inflow of institutional money, record trading volumes as well as a climate of global instability which will promote recognition of Bitcoin as a safe haven asset.
And while Pompliano is confident, he is not that confident about this. He added that “time is Bitcoin’s greatest advocate” and as the trends continue, he said that his confidence is at 70% to 75% levels in $100,000 but by 2021 will hit 90%.
Pomp was in the altcoin news for stating:
“In August of last year I predicted bitcoin would go down to $3,000 before returning to $10,000. It essentially did that […] Now I think it’s going to $100,000, but […] there will be more volatility: there will be parabolic runs like we saw in June and then there will be 20-30% drawdowns from that. Along the way a lot of people will call the top at these local highs — they’ll be incorrect.”
On the question of legitimization, Pompliano is confident that Facebook’s entry in the space with Libra is a bullish sign – as many best cryptocurrency news sites noted.
“People may not like Zuckerberg, but no one thinks he’s dumb. Bitcoin will benefit from libra being a “gateway drug” for cryptocurrencies,” the Pomp concluded.
Bitcoin is currently trading at $11,709 with a 3.90% surge and a market cap of $208 billion and a dominance of 62.9%.
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