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Morgan Creek Digital co-founder and prominent Bitcoin advocate Anthony Pompliano says the BTC price will soar above $400,000 en route to an $8 trillion dollar market cap.
In a new interview with Peter McCormack, the host of the What Bitcoin Did podcast, Pompliano explains why he expects the king crypto will eclipse the market capitalization of gold.
“Here’s what I continue to tell people, name to me a business that was analog and got digitized and the digital version is smaller than the analog version. It doesn’t happen. It’s because digitization brings all kinds of advantages. It’s a market-expanding technology.
There are people [who] would debate what the size of the gold market is but let’s just use easy numbers. Let’s say that it’s $8 trillion. That puts Bitcoin at, depending on how many are lost or stolen, $400,000 [to] $450,000 today. Do you think that Bitcoin is going to be the equivalent of the gold market? I don’t. It’s better. It’s going to capture more market.”
To support his argument, Pompliano says Bitcoin is a story of technological evolution akin to internet-powered giants like Airbnb and Uber.
“One day, I believe we will say ‘Bitcoin is the largest currency in the world in terms of market cap and it will have no one controlling it.’”
As for the next two years or so, the Morgan Creek Digital executive is sticking to his prediction that BTC will skyrocket to $100,000 by the end of 2021.
Pompliano says the US government’s monetary policy of printing trillions of dollars in stimulus will be one of the main catalysts that will drive the value of the king coin.
“Now what we see is a world where gold, Bitcoin, real estate are all going to do really well. Because you simply can’t print trillion of dollars of a currency and have no impact on that currency.
We’re literally seeing the exact theoretical impact of quantitative easing become reality. They printed trillions. The dollar got weakened. When the dollar weakens, asset prices all explode.”
In other trending Bitcoin News today:
ANALYST: BITCOIN’S RECENT SURGE LOOKS LIKE THE START OF 2019’S 250% RALLY
According to the trader that predicted Bitcoin’s breakout at the start of 2019, BTC looks structurally similar to the 2018-2019 bear market bottom:
“Can’t believe I didn’t see it before. On the Weekly, classic pattern I call the “Smooth Transfer of Power” A. Bears get weaker as price descends B. Bulls silently buying all along take control C. Re-test of power D. Lift off Compare to the Monthly one, Crypto Winter ’18-’19.”
The trader is saying that should history rhyme, BTC is on the verge of an extended bull run.
The formation of Bitcoin’s candles isn’t the only trend that analysts see as a signal of an impending long-term bull run.
Bitcoin’s “Super Trend” on the weekly chart just printed a bullish candle for the first time since the start of 2019’s rally.
The trader who made this observation first wrote in regards to the chart below:
“The supertrend went green on the weekly. Probably no big deal. It’s not like this indicator has marked major macro bull & bear cycles in the past.”
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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:
Analyst: Bitcoin’s Recent Surge Looks Like the Start of 2019’s 250% Rally
https://cointelegraph.com/news/3-bullish-signs-that-overall-demand-for-bitcoin-is-skyrocketing