Bitcoin to Rise Above $400,000, Morgan Creek Digital Executive Says
Anthony Pompliano, a co-founder of Morgan Creek Digital and renowned Bitcoin advocate, claims that Bitcoin will go up to more than $400,000 on its way to an $8 trillion dollar market capitalization.
In a recent interview with Peter McCormack, the host of the What Bitcoin Did podcast, Pompliano explains why he predicts Bitcoin will outdo the market cap of gold:
“Here’s what I continue to tell people, name to me a business that was analog and got digitized, and the digital version is smaller than the analog version. It doesn’t happen. It’s because digitization brings all kinds of advantages. It’s a market-expanding technology.”
He continued: “There are people [who] would debate what the size of the gold market is, but let’s just use easy numbers. Let’s say that it’s $8 trillion. That puts Bitcoin at, depending on how many are lost or stolen, $400,000 [to] $450,000 today. Do you think that Bitcoin is going to be the equivalent of the gold market? I don’t. It’s better. It’s going to capture more market.”
To back up his theory, Pompliano says the king of crypto coins is a narrative of technological development similar to that of Internet-supported giants such as Uber and Airbnb.
“One day, I believe we will say ‘Bitcoin is the largest currency in the world in terms of market cap and it will have no one controlling it,” he said.
What Will Happen to Bitcoin in the Next Couple of Years
In regards to the next two years or so, the Morgan Creek Digital co-founder is abiding by his prediction that Bitcoin’s price will go up by a whopping $100,000 by the end of 2021. Pompliano also said that the U.S. government’s monetary policy of printing trillions of dollars as an incentive would be one of the most significant enablers that will push up the value of BTC.
“Now what we see is a world where gold, Bitcoin, real estate are all going to do really well. Because you simply can’t print trillion of dollars of a currency and have no impact on that currency. We’re literally seeing the exact theoretical impact of quantitative easing become a reality. They printed trillions. The dollar got weakened. When the dollar weakens, asset prices all explode,” he said in the interview.
The executive also claimed that the latest halving will be crucial in Bitcoin’s ascent. Owners are currently only making 900 Bitcoin a day, but six months ago, they were making 1,800. According to Pompliano, if the demand remains the same, the price of BTC only has to go up, but if the demand increases, the U.S. dollar price has to rise as well.
“If they’re going to print money, I think demand is going to continue to increase,” the executive said.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.