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Morgan Creek Digital co-founder Anthony Pompliano says Bitcoinâs status among traditional investors is starting to change.
In an interview with Yahoo Finance, Pompliano says the longer BTC continues to thrive and prove naysayers predicting its demise wrong, the more people will take notice of its remarkable rise in value over the last decade.
He points to the fact that JP Morgan is now providing banking services to crypto exchanges Coinbase and Gemini as a sign of whatâs to come.
âBitcoin is not going away. Youâre starting to see a lot of Wall Street investors actually putting it in their portfolios. And theyâre starting to also have some track record for these exchanges or businesses, so they can see the financial performance.
So I think ultimately, what youâre really going to start to see is banks canât ignore this space.â
Pompliano says heâs seeing institutional investors increasingly view Bitcoin as a hedge against the volatility of other financial markets.
âAbout a year ago, it started to be a thing like, oh, that hasnât died yet? Maybe I should do some more work and get educated on it. Now what weâre seeing is two separate groups of people. Some that have done that work and are now gaining exposure. So you see someone like a Paul Tudor Jones come in and say heâs got 1-2% of his portfolio. And heâs worried about inflation given all the printing thatâs going onâŠ
In the second bucket, what youâve got is a lot of institutional investors that are sitting there saying, âLook, Iâm just doing asset allocation and this asset is very unique in that it, over a long period of time, has been non-correlated to other assets. Itâs able to improve my Sharpe ratio and can actually drive on a risk reward standpoint a significant increase in my performance by only allocating a small amount of capital.â
Pompliano says heâs not wavering from his personal Bitcoin prediction price path through 2021.
âMy guess is weâll continue to grind up for the next 18 months or so, and I do expect it to be the best performer coming out of this crisis. Iâm on record as saying I think Bitcoin will hit $100,000 per BTC by 2021, which is obviously more than a 10x increase in a relatively short period of time in the traditional financial world.â
In other trending Bitcoin News today:
Top Analyst: Bitcoin, Ethereum and XRP on the Edge After Halving â Hereâs What to Watch for Next
Crypto analyst and author of An Altcoin Traderâs Handbook, Nik Patel, is updating his outlook on Bitcoin, Ethereum and XRP.
Patel says Bitcoin is facing a crucial moment at the $9,500 level. If the king of crypto can hold above that line, he believes a push to $10,550 is on the horizon.
If not, he believes the bears will likely mount a comeback.
âThis is why 9450-9500 is going to be super important post-halving⊠There will be a lot of sell pressure coming in from everyone whoâs been shafted after longing the breakout [and] retest. Overcome that and I think 10550 and higher is on the cards.â
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
$BTCThis is why 9450-9500 is going to be super important post-halving on Tuesday.There will be a lot of sell pressure coming in from everyone who’s been shafted after longing the breakout > retest.
Overcome that and I think 10550 and higher is on the cards. pic.twitter.com/ZLNnrZmAb5
â Nik Patel (@cointradernik) May 10, 2020
https://cointelegraph.com/news/forget-btc-price-its-now-possible-to-trade-bitcoin-hash-rate-futures
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