Despite the gloomy economy, Morgan Creek Digital co-founder Anthony Pompliano says he’s not backing down from his bullish outlook on Bitcoin.
In a new interview on Tech with Catalina, the crypto investment firm executive says he predicts the dominant cryptocurrency is on the verge of a new long-term 1,288% bull run that will bring Bitcoin from its current price of about $7,200 to $100,000.
Pompliano says the macro-economic backdrop along with the much-anticipated halving event in May, which will reduce Bitcoin’s new supply by half, will likely fuel a major rally. He believes that massive money printing by central banks around the world will drive people to invest in assets that remain scarce and offer inherent anti-inflationary properties.
“So end of 2021, I think Bitcoin will hit $100,000 in US dollar value. And really, the reason for that is a combination of the macro-environment with the halving structure…
You then have massive quantitative easing. [In] the United States, we’ve announced two trillion dollars in stimulus. Japan just approved an almost one trillion dollar stimulus plan.
They’re devaluing their currencies and when that occurs, people are going to seek out inflation hedge assets like gold, Bitcoin, real estate, et cetera. And so, right when everyone is running to gold, Bitcoin, real estate and others, Bitcoin’s going to have this supply shock. Fifty percent of the incoming daily supply will disappear…
I think you’ll continue to see kind of the same level of demand, or more likely you’re going to see an increase in demand over time. If you get that increase in demand but you get a decrease in incoming supply, supply-demand economics take over and you get an increase in price.”
Pompliano says he expects Bitcoin’s rise to begin slowly, with BTC taking more than a year to register a new all-time high.
“Within the first 18 months of the halving, give or take, we will see a very material increase in price. My guess is that we’ll see $100,000 by the end of December 2021 at a minimum.”
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