The co-founder of renowned crypto asset management firm Morgan Creek Digital Assets named ‘Anthony “Pomp” Pompliano’ has predicted the price of Bitcoin [BTC] to reach as high as $100,000 USD by the end of 2021.
Within a recent ‘interview‘ with BloxLive.tv earlier on 2nd July, he aforesaid that the fundamental principle behind his forecast was classic supply-demand economics – still valid for the innovative digital asset class.
One of the vital drivers of continuing value appreciation are bitcoin’s halving – when mining rewards will be reduced by half – expected in May 2020, he said.
Meanwhile, most institutional investors aren’t even awake to this looming reduction in the available supply, he added, suggesting that what’s going to still drive the market from the angle of sentiment will be a “continuation of trends we’re already observing.”
These embody increasing legitimization of the ecosystem, inflows of institutional capital, high trading volumes, and a climate of world-wide instability that promotes recognition of bitcoin as a secure haven asset.
“Time is bitcoin’s greatest advocate,” Pomp added, and as these trends continue, he aforesaid his present 70%-75% confidence level in $100,000 USD by 2021 will hit 90%:
“ Earlier in August last year, I predicted the price of bitcoin to go all the way down to $3,000 USD before returning to $10,000 USD. It primarily did that […] and now i feel it’s aiming for $100,000 USD next, but […] there’ll be more volatility: there’ll be parabolic runs like we saw earlier in the month of June and then there’ll be 20-30% drawdowns from that. Moreover, alt more individuals can call the top at these native highs – they’ll be incorrect.”
While elaborating further on the question of legitimization, Pomp agreed with the notion that ‘Facebook’s‘ entry within the house with Libra might be a optimistic sign. “People might not like Zuckerberg, but nobody thinks he’s dumb,” he quipped, proposing that:
It’s not just a token itself, he said, but the digital wallet that is expected to be rolled out alongside it, would be an incredible on-ramp not just for Libra.
Just yesterday, cryptocurrency merchant bank pioneer ‘Mike Novogratz’ ‘aforesaid‘ that he won’t be selling his Bitcoin again at $14,000 USD, anticipating its spectacular rally is expected to see a price much higher comparative to now.