Amid the ongoing bull market, a major Bitcoin advocate has delivered another promising price prediction for the largest cryptocurrency.
Anthony "Pomp" Pompliano, co-founder of Morgan Creek Digital, believes that Bitcoin will continue to grow in the long-term to break the $400,000 threshold.
Digital is bigger than analog - Bitcoin is bigger than goldIn an Aug. 4 interview with crypto podcaster Peter McCormack, Pomp said that Bitcoin is poised to eventually hit at least $400,000 or $450,000 price levels with a market capitalization of $8 trillion.
According to Pompliano, Bitcoin will steadily break new all-time highs because the cryptocurrency represents a digital version of gold - one of the world's most valuable assets.
As per Pompliano, Bitcoin will follow the success of major digitized assets, replacing the analog gold with its digital alternative and eventually expanding the market.
Bitcoin is going to capture more market than goldPompliano continued that Bitcoin will eventually become a bigger market than gold.
According to Pomp, it might take 50 years before Bitcoin hits $400,000 levels.
"You know there are people who 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."
In the interview, Pomp also said that he still keeps his $100,000 BTC prediction, forecasting that Bitcoin will hit $100,000 by late 2021.
As of press time, Bitcoin is trading at $11,581 with a market cap of about $214 billion amid the ongoing bull market.
Bitcoin Will Break $400K in Long-Term, Morgan Creek's Pomp Predicts
Published on Aug 5, 2020
by Cointele | Published on Coinage
Mentioned in this article
Are we dumb? Financial illiterates 'twice as likely to own crypto'
According to the results of Bank of Canada's 2019 Cash Alternative Survey published in August 2020, financial literacy is positively associated with the awareness of cryptocurrencies but negatively associated with ownership.
Developer reveals 'biggest unsolvable Lightning attack vector'
Independent Bitcoin Lightning developer, Joost Jager, has outlined an exploit of the micro-payments network that could result in channels being compromised with very little effort and negligible cost.
Yam plans protocol overhaul despite first successful V3 rebase
Despite Yam's first post-relaunch rebase executing successfully, its developers are planning many more changes to the protocol.
Yearn.finance's founder and others aren't bullish on Uniswap's current governance model
Last week, the decentralized exchange Uniswap shocked the crypto world when it released its own token, UNI. The launch was predicated on fully decentralizing the protocol and putting the control of its direction in the hands of users, as all historical traders on the Ethereum-based application were gifted UNI. Every historical trader got a baseline distribution of 400 coins and liquidity providers got access to more, with many getting hundreds of thousands of dollars worth of the coin for basically free.