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Pompliano 75% Certain Bitcoin Will Trade at $100,000 in 2021

Anthony Pompliano, the well-known co-founder of the cryptocurrency asset management firm Morgan Creek Digital Assets, is out with an optimistic prediction. Specifically, Pompliano claims that the price of Bitcoin will reach $100,000 by the end of 2021.

Bitcoin to hit $100,000 by 2021?

This news came in a recent interview with BloxLive.tv, on the 2nd of July. Moreover, Pompliano foresees Bitcoin reaching this lofty price point due to supply and demand. According to Pompliano, “classic supply-demand economics” still hold true for the burgeoning asset class.

In addition to this, Pompliano also notes that Bitcoin’s upcoming halving – slated for May of 2020 – will continue Bitcoin’s appreciation. In fact, many raise the fact that future mining rewards will be cut in half as further driving Bitcoin’s market scarcity. 

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Furthermore, Pompliano also said that most institutional investors are unaware of Bitcoin’s halving. He went on to suggest that this could continue to drive the market’s appreciation of Bitcoin, in a “continuation of [the] trends we’re already seeing”.

These trends are mainly seen in the increasing crypto legitimization in countries around the globe. Moreover, the sector is already experiencing a notable influx of capital. What’s more, trading volumes are pushing record highs, and the financial climate is historically unstable.

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As such, Bitcoin – and crypto assets in general – represent a safer asset class than most observers realize, Pompliano argued. “Time is Bitcoin’s largest advocate,” he said.

Additionally, Pompliano also said he was 70% to 75% certain that Bitcoin will trade at a $100,000 level by 2021. Nevertheless, if these trends continue, Pompliano added that certainty level might well hit 90%.

“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.”

Pompliano also made some comments regarding Facebook’s upcoming cryptocurrency, Libra. He, like many others, said that Facebook’s entry into the sector is a bullish sign – as Libra can act as a “gateway drug” for cryptocurrencies in general. It remains to see whether or not this will be enough to realize Pompliano’s lofty $100,000 Bitcoin price prediction.