With bitcoin hitting new ATHs every single day, many have an opinion on how big the world’s largest cryptocurrency could be. Morgan Creek Digital’s Anthony Pompliano is one of them, with the exec recently sharing some thoughts on where Bitcoin will be headed, particularly in relation to other properties.
In an interview with CNBC FastMoney, Pompliano said that Bitcoin is a “10x gold improvement,” an interesting comment to make, particularly because just recently, JPMorgan found that Bitcoin millennials are now opting to invest in “digital gold” over gold bullion. This might drive BTC rates to $146,000, the company claimed.
However, Morgan Creek Digital exec has proclaimed these forecasts to be “conservative,” with Pompliano believing that BTC is “more likely to overshadow” the gold market cap “before the 2030s.” Although no single digital commodity, particularly with a smaller market cap, has been predicted to replace gold, according to Pompliano,
“Gold is the analogue application of sound-money principles while Bitcoin is the digital application of sound money principles.”
“Bitcoin’s market cap is going to flip gold,” he added, noting that it was just a matter of when. In fact, he also expected that Bitcoin will be in violation of the $1M price mark.
Pompliano is not the only one to express such views. Kraken’s Dan Kept finds Bitcoin a “apex predator of money,” one that is “a precursor to the extinction of gold.” Before it, Macro Investor Raoul Pal estimated that Bitcoin will grow to $1 million in around five years, reflecting the small availability of cryptocurrencies and, consequently, favourable consumer demand.
Morgan Creek Digital exec also expected that, in the wake of the US dollar’s weakness, both publicly listed and private companies will place Bitcoin in their treasuries, creating a wall of demand.
When asked how Bitcoin noticed a rapid price increase in such a short time, the crypto-influencer clarified that the value of Bitcoin among institutional investors and among holders who “do not want to sell” led to the discrepancy between market supply and demand.
Finally, the exec warned investors about the upcoming uncertainty in the Bitcoin market, with the crypt likely to face a 20 to 30 per cent drop. Irrespective of this reality, Pompliano indicated that investors who “want to get off dollars and don’t know where to put your money” could switch away from “zero exposure” to Bitcoin and invest in the famous crypt instead.
Pump’s comments have been accepted by most in the crypto-community, with Michael Saylor writing on MicroStrategy,
Gradually, then suddenly, investors are coming to the horrifying realization that Gold is a zombie store of value. https://t.co/tFDmw4RCbv
— Michael Saylor (@michael_saylor) January 8, 2021
However, influential sceptic Peter Schiff was swift to step in, branding the market a “bubble” again. When further asked by Charlie Shrem, Schiff doubled, conceding only to underestimating how high the “bubble” will be.
You’ve been calling every bitcoin bubble and bust for years, but the price goes up and goes down a little less every time. Isn’t it easier to buy an asset that you are so good at predicting than make fun of its holders every day?
— Charlie Shrem (@CharlieShrem) January 8, 2021
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