Bitcoin has been the talk of the crypto currency world for a long time, since its huge rally in 2017, and so far in 2019 we have seen a rise of over 220% and the gains that we are seeing could be far from over. In a recent interview Morgan Creek Digital Assets Partners Anthony Pompliano made comments suggesting that there still is a lot of room for potential growth that will keep pushing Bitcoins price higher over the course of the next two years, driven by institutional interest, supply, and global instability. Pompliano said “I think by the end of 2021 we’ll see it eclipse $100,000,the important thing to remember about bitcoin is that it’s a fixed supply asset and so supply and demand economics apply. If there are increases in demand, you’re going to see the price move up.”
Bitcoin has bounced back in a big way this year after suffering a plunge of over 70% from its highs in 2018, to the worst year the crypto currency has seen since its creation. A lot of the positive stigma surrounding crypto currencies have been fueled by Facebooks new entry into the cryptocurrency market. The social media powerhouse have announced recently that they have plans to launch their own crypto coin, Libra, which many investors see as the light at the end of the tunnel, for the mainstream acceptance of crypto currency.
Pompliano said “It’s really bullish for the digital currency in the sense that the more important part of the announcement is not Libra, it’s Calibra, which is the digital wallet that Facebook is reportedly going to give to hundreds of millions of people, if not billions of people,” he continued to say “That wallet I think will eventually support bitcoin, ethereum, tokenized securities and even data, so you can imagine something like your medical health records being tokenized and held in that wallet. I think it’s really important moment where we give hundreds of millions of people the capacity to hold crypto currencies.”
On Tuesday bitcoin was observed to be trading over $12,500 USD, and at the time of writing this article it is currently trading at over $13,000. Pompliano has said that the next big level for bitcoin, and the key to see where the currency will go is $20,000 USD, but also commented saying that that level will not happen overnight. Once the Crypto Currency breaks that level, Pompliano believes it will really pull more investors in, however this is something that will take shape over the course of the next six to twenty four months.
James Rheed – Bennet Global