Morgan Creek Digital co-founder and prominent Bitcoin advocate Anthony Pompliano says Bitcoin will soar above $400,000 en route to an $8 trillion dollar market cap.
In a new interview with Peter McCormack, the host of the What Bitcoin Did podcast, Pompliano explains why he expects the king crypto will eclipse the market capitalization 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.
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 support his argument, Pompliano says Bitcoin is a story of technological evolution akin to internet-powered giants like Airbnb and Uber.
“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.’”
As for the next two years or so, the Morgan Creek Digital executive is sticking to his prediction that BTC will skyrocket to $100,000 by the end of 2021. Pompliano says the US government’s monetary policy of printing trillions of dollars in stimulus will be one of the main catalysts that will drive the value of the king coin.
“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 reality. They printed trillions. The dollar got weakened. When the dollar weakens, asset prices all explode.”
He also says the most recent halving will be instrumental in Bitcoin’s ascent.
“They are only making 900 Bitcoin a day now and six months ago, they were making 1,800. If demand just stays the same, naturally the price has to go up. If demand increases, the US dollar price has got to go up and if they’re going to print money, I think demand is going to continue to increase.”
Featured Image: Shutterstock/WEIBEL Christophe