BITCOIN COULD SOAR TO 0K BY END OF 2021 AS DEMAND RAPIDLY EXCEEDS SUPPLY SAYS ANTHONY POMPLIANO!!
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Bitcoin could surge to $100,000 by the end of 2021, according to the crypto investor Anthony Pompliano.
BTC traded as high as $19,389 on Wednesday and is nearing its all-time high, reached in 2017.
Pomp, a cofounder of Morgan Creek Digital, told CNBC on Wednesday that demand for Bitcoin was rapidly outpacing supply, especially after its “halving” in May, when the number of Bitcoins awarded to miners was cut in half.
This occurs roughly every four years and serves to limit the supply of BTC coming into the market.
Bitcoin is “the winner of a supply-and-demand exercise,” Pompliano said.
Pomp added that the macroeconomic environment right now was “rocket fuel” for Bitcoin.
Low interest rates, money printing, and the Federal Reserve’s average inflation target of 2% have driven retail and institutional investors into BTC, he said.
The investor also said that Janet Yellen, President-elect Joe Biden’s pick for treasury secretary, was “notorious” for tolerating higher levels of inflation and that this could also push the BTC price higher.
“I don’t think it’s that crazy to see a $100,000 Bitcoin price by the end of 2021,” Pompliano said.
“And if we continue to get bigger and bigger buyers … if this kind of tips over and all of the sudden it becomes kind of a consensus trade, it wouldn’t surprise me to see something even higher than $100,000.”
Bitcoin has surged by roughly 160% this year as more major investors and institutions acknowledge the cryptocurrency’s legitimacy as a store of value.
The billionaire hedge-fund manager Stanley Druckenmiller told CNBC earlier this month that he owned a “tiny bit” of bitcoin as a hedge against inflationary pressure, while the venture capitalist Chamath Palihapitiya said in February that every citizen should hold 1% of their assets in bitcoin because it’s a “fantastic hedge.”
Despite his bullish view, Pompliano shared two potential risks he sees for Bitcoin.
“The first thing’s a self-inflicted wound, right, if there’s a bug introduced into the code or something like that,” he said. “The second thing would be some sort of geopolitical risk where we saw a really aggressive coordinated kind of action by multiple nation-states.
“But again, I think that those things are very low probability of occurring, so it doesn’t really kind of seem like that’s going to happen in the short term.”
In other trending Bitcoin News today:
How Massive Liquidations Caused Bitcoin to Plummet 16% in 24 Hours
Bitcoin fell by a whopping 16% to $16,334 on Nov. 26 since achieving its peak at $19,484 the previous day. Data suggests that cascading liquidations were the driving force of the massive correction.
Prior to the pullback, the open interest of the Bitcoin futures market hit a new record high. The derivatives market was also overheated with buyers, causing the market to sway to one side.
The combination of two factors triggered a rapid BTC price drop alongside a spike in futures trading volume.
Over a billion dollars worth of futures contracts were liquidated, similar to the March 12 crash. The Chicago Mercantile Exchange, for example, saw $1.8 billion in volume — its highest ever, according to Skew.
As the price of Bitcoin started to drop, inflows into exchanges spiked. This indicates that whales, or high-net-worth investors, were selling heavily on major exchanges, including Coinbase.
Ki Young Ju, the CEO of CryptoQuant, pointed out that the All Exchanges Inflow Mean indicator was showing the selling pressuring coming from whales.
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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:
Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I’m concerned that this would have unintended side effects, and wanted to share those concerns.
— Brian Armstrong (@brian_armstrong) November 25, 2020
Bitcoin Falls as Mnuchin [Reportedly] Plans to Regulate Private Wallets
https://cointelegraph.com/news/how-massive-liquidations-caused-bitcoin-to-plummet-16-in-24-hours