Co-founder and partner of Morgan Creek Digital Anthony Pompliano has always been a major bitcoin bull. Hes recently emerged to let all traders know that he thinks bitcoin could potentially reach a price of around $100,000 by next year.
Anthony Pompliano: As Confident As Ever in BTC
2020 has been rocky from the start, but to say it hasnt been kind to bitcoin would be a huge falsehood. The worlds number one cryptocurrency by market cap has seemingly surged by more than 160 percent since the beginning of the year when it was first trading for around $7,000.
From there, the currency experienced some major pitfalls thanks to the coronavirus after spiking all the way to $10,000, though things eventually revamped themselves for the coin and the asset jumped back to five-figure territory in July. Bitcoin has been on a solid bull run ever since, and the currency recently rose beyond the $19,000 mark, coming within inches of the all-time high it first attained in late 2017.
In a recent interview, Pompliano shared his thoughts on bitcoins present level of momentum, and hes confident things will continue in this manner for some time. He explained that the currencys demand far outweighs its supply, which will eventually play into the assets hands and make it far more valuable.
Bitcoin is the winner of a supply and demand exercise.
Some of the elements that have pushed this demand over supply is the fact that bitcoin experienced its third halving in early May. While the event was rather lackluster and didnt amount to any serious visible results, the currencys reward supply for miners was cut in half, resulting in a stronger level of rarity for the worlds number one digital asset.
From there, the world was privy to heavy money printing, low interest rates and high inflation, which has pushed back the valu ...
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