Morgan Creek Digital’s Anthony Pompliano is mapping out a scenario in which Bitcoin hits the $1 million mark.
In an interview with Stansberry Research, the co-founder and partner at hedge fund Morgan Creek Digital divulges his modest 2021 Bitcoin price prediction as well as his very bullish long-term prediction for the flagship digital asset.
As for his 2021 price target, Pompliano stands by his 2019 Bitcoin forecast, in which he estimated that Bitcoin would reach $100,000 by December 31st, 2021, even if the prediction appears conservative compared to some other bets circulating around the crypto world.
“In order to have a true prediction, you have to predict price and also timeline… In 2019, I wrote a piece that said I believe that Bitcoin was going to go from around $10,000 at that time to $100,000 by the end of 2021… I still believe that. I haven’t changed it.
Somehow I’m now the most conservative guy in the room because now there’s people saying $200,000, $250,000, $300,000, $500,000. Whatever the numbers are, I’m still gonna stick with $100,000.”
In the long term, Pompliano has his eyes set on a head-turning BTC evaluation. However, the Bitcoin bull warns that he’s unsure whether the high price tag will be primarily due to BTC’s popularity or the devaluation of the dollar.
“When we look out over a very, very long time horizon. So if you give me the benefit of the doubt and say, ‘Hey don’t put a time prediction on it just tell me where the value of this thing goes,’ I absolutely think at some point in my lifetime we’ll see a $1 million Bitcoin price.
But I don’t know if that necessarily has more to do with Bitcoin value accrual as much as the devaluation of the dollar over a long period of time – everything goes up in dollar prices from real estate, stocks, precious metals etcetera.”
Pompliano says his evaluation is all but guaranteed and that for individuals to benefit from BTC’s incredible potential ascent, they will have to be prepared for major volatility.
“I think it’s a foregone conclusion. You just have to be able to stomach tons and tons of volatility… All that volatility scares a lot of people but if you’re a long-term holder, you do your research, and you get comfortable with it, then I think it can be a pretty amazing thing to put in a portfolio.”
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Featured Image: Shutterstock/Daniel Prudek