Morgan Creek Digital founder Anthony Pompliano says he thinks Bitcoin will likely hit $100,000 by the end of 2021.
Pompliano cites increasing demand and lackluster performance in traditional markets as two of the main reasons behind his big prediction.
“The price appreciation will be driven by a very simple idea — supply/demand economics remains a valid market price determinant. Bitcoin is a fixed supply asset with a disinflationary supply schedule. Over the next ~2.5 years, there will be incredible increases in demand (see next bullet point), while the total supply remains fixed and the new daily supply is decreased by 50% (starting May 2020).
The increase in demand for Bitcoin will come from a variety of sources and will be due to various factors. These include large scale institutional adoption, multiple ETF and retail product approvals, increased global instability, lack of performance in traditional markets, and the continued manipulation of markets, economies, and currencies by governments around the world.
The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
Pompliano warns Bitcoin is highly volatile and risky. He expects “numerous 20-30% drawdowns from new all-time highs” and says no one should invest anything they can’t afford to lose.
“This is not investment advice. In fact, it is the exact opposite. This is my personal opinion and merely a documentation of my thoughts during a specific point in time. I highly suggest you do your own research, never invest more than you are willing to lose, and don’t invest in anything that you don’t understand.”
Bitcoin is once again on the rise at the expense of the altcoin market.
Bitcoin is up 3.18% at $11,065 according to COIN360. Ethereum is down 0.24% at $310.79, XRP is down 2.79% at $0.4637 and Litecoin is down 3.71% at $134.91.
Technical analysts at large are tracking Bitcoin’s rise and how it will affect the altcoin market in the days ahead.
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