The founder of venture capital firm Pomp Investments, Anthony Pompliano, is predicting Bitcoin (BTC) will soar to six figures in about one year.
In a new interview on CNBC Squawk Box, Pompliano says he believes Bitcoin could reach at least $100,000 within 12 to 18 months.
[adinserter block="1"]However, he warns that Bitcoin may first dip below the current value.
“I think the downside is pretty muted at this point. Again, it’s impossible to tell. There’s always an external event that could occur. But I’d say I don’t see it going below $50,000 at any point. I think we’ve kind of crossed over that Rubicon.
In terms of upside, I think we get over $100,000 in the next 12-18 months, maybe we could get to $150,000 to $200,000, somewhere in that range. But we go up from here. I just don’t think people should expect the explosive 1,000% move from here through the rest of the bull market.”
Pompliano also says that the past weekend’s sell-off of Bitcoin may have had a lot to do with a lack of access to funds held in the banking system as well as automatic algorithmic selling triggered by international tensions.
“I think there’s really three things that drove that price sell-off. The first is that whenever there’s a moment of fear everyone panics and what do they do, they still buy dollars and so some people are selling because of that. The second thing is, on the weekend even though the Bitcoin market is open the bank system is not open so you can’t get net new dollars into your crypto account to buy Bitcoin…
When all of the news hit Twitter and kind of social sentiment changed very quickly, you saw a massive amount of tweets about Iran and Israel and rockets and drones, etc. There’s a very quick sell-off. I find it hard to believe that humans were able to read Twitter and immediately go to their computer and start hitting the sell button. And so there’s got to be some algorithmic trading that’s going on there.”
Bitcoin is trading for $63,429 at time of writing, up more than 5% in the last 24 hours.
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