Anthony “Pomp” Pompliano is 75% confident that by the end of 2021 Bitcoin will be traded at $100,000 price level. Nevertheless, according to him, this way will be full of ups and downs.
This year it has become obvious that the crypto winter is already over. This fact encouraged many experts to make very optimistic forecasts about the prices of cryptocurrencies. One of them, Anthony Pompliano, who is also known as just Pomp and is one of the founders of crypto asset management firm Morgan Creek Digital Assets, believes that by the end of 2021 the Bitcoin (BTC) price will hit $100,000.
Pompliano explained that his forecast is based not on his imagination but on the basic principle of classic supply-demand economics. According to him, such an approach is still valid for innovative crypto assets.
The expert thinks that the main driving force that will support the positive changes in the crypto’s value will be BTC’s halving. The halving which will result in a decrease in mining rewards by half is scheduled for May 2020. Nevertheless, he noted that the majority of institutional investors don’t even take into consideration the upcoming reduction in supply.
He also pointed out that many positive trends that we can observe today will find their place in the future as well. Speaking about these trends he meant such issues as increasing legitimization of the space, growing inflows of institutional capital and trading volumes. Moreover, due to common global instability, more and more people are starting to perceive Bitcoin as a safe haven asset which also promotes the growth of demand for this asset.
Pomp noted that his current confidence level in $100,000 by 2021 is approximately 70-75%. Nevertheless, if the above-mentioned trends continue, the level of his confidence will increase and even reach the mark of 90%. “Time is Bitcoin’s greatest advocate,” he explained.
Last summer, Pompliano stated that Bitcoin would go down to $3,000 before returning to $10,000. And as you can remember, it really happened so. Now his forecast is targeted at $100,000 price level. Nevertheless, the experts believe that this way to the top will be full of ups and downs but finally, the price will reach the new high. Currently, Bitcoin price makes $ 11,684 as per the data from CoinMarketCap.
Bitcoin and Libra
The entire crypto world today is discussing the introduction of Libra and its influence on the crypto space. According to Pomp, its launch can be viewed as a bullish sign. Pompliano stated:
“Bitcoin will benefit from Libra being a “gateway drug” for cryptocurrencies.”
The expert supposes that it’s even not the token itself that will boost the crypto sphere including Bitcoin and its price but the digital wallet that will be introduced together with it. The wallet will be beneficial not only for Libra. It is expected that in the future it will bring fruits for those who hold other cryptocurrencies, need to store tokenized securities, as well as data.
Just recently, another crypto expert Mike Novogratz expressed his view on the future of Bitcoin. He said that he is not going to sell BTC when it hits $14,000, as it is expected that its value will go much higher.
