Bitcoin has made a massive comeback in recent months. Despite last week’s slump, crypto-bull Anthony Pompliano continues to believe in the potential of the world’s largest digital currency. Bitcoin could soon rise to as high as US 100,000 US dollars.
General interest in crypto industry rises again
Bitcoin has been back in rally mood for some time. Last week, it even climbed back above the USD 13,000 mark. At a short-term high of 13,156.83 US dollars, the world’s largest cryptocurrency by market capitalization was thus more than 250 percent higher than at the beginning of the year. Shortly thereafter, US Federal Reserve Chairman Jerome Powell expressed “serious concerns” about Facebook’s new libra motto, causing the crypto industry to slump on a broad front. In addition to Bitcoin, Ethereum, Ripple and Litecoin also had to cope with double-digit price discounts.
At the same time, however, Libra’s announcement has also attracted more attention to the sector and attracted new investors. In particular, Anthony Pompliano, co-founder of the crypto wealth management company Morgan Creek Digital Assets, was particularly enthusiastic about Facebook’s digital wallet, Calibra. “This wallet, I think, will eventually support Bitcoin, Ethereum, tokenized securities and even data.
“I think it’s a really important moment where we’re giving hundreds of millions of people the opportunity to hold cryptocurrencies,”
the American investor said. “Bitcoin will benefit from Libra being an ‘entry drug’ for cryptocurrencies,” Cointelegraph quotes him as saying.
In addition to the push by Libra, however, the general interest in cryptocurrencies and the blockchain has also increased again, especially from institutional investors, Yahoo Finance echoes Pompino’s words.
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Pompliano: Bitcoin will rise to 100,000 US dollars
The recent slump in cryptos is not a cause for concern, Pompliano also explained. Such slumps occurred several times a year, sometimes even several times a month, and would not usually have a major impact on the long-term development of the Bitcoin price. “I think the price will rise to 100,000 dollars. But this time there will be more volatility: more parabolic increases like we saw in June and more price declines of 20-30%. In this way, many people will declare that the high has been reached – but they are wrong,” Pompliano, known for his bullish statements, said in an interview with BloxLive.tv. Despite the short-term negative trends, the coin could reach new records in the next few years.
“I think by the end of 2021 we’ll see [Bitcoin] eclipse 100,000 US dollars. The most important thing to remember about bitcoin is that it is a fixed asset, so the economy of supply and demand applies. If there is an increase in demand, you will see how the price increases,”
explained the crypto-bull. First of all, however, the 20,000 US dollar hurdle had to be skipped: “20,000” is a big thing. Bitcoin will reach a new all-time high once it breaks that. I think it’s really going to attract people… but I don’t think we’re going to get from 12,000 dollars, where we are today, to 50,000 dollars or 100,000 dollars. I think it will take 6 to 24 months,” the expert believes. But once the 20,000 US dollar mark is broken, the FOMO effect is likely to provide the rest, according to CryptoMonday. Because people are afraid to miss something and would stock up on cryptocurrencies, which in turn should drive the price further.