Anthony Pompliano of Morgan Creek Capital fame has always been a big bitcoin guy, and now he’s taking his predictions even further. He’s sticking to his guns when it comes to bitcoin reaching $100,000 by the end of 2021, though now he’s stating that the currency will potentially shoot up to a whopping $450K after that, and the bitcoin market cap will be comparable with that of gold and hit the trillions.
Anthony Pompliano: BTC Is Going to Shoot Up, Up, Up
Pompliano is confident in bitcoin’s ability to do well given that it is a considerably rarer asset when compared with gold and the U.S. dollar. As any diehard crypto fan knows by now, bitcoin is a finite asset. It is mined and extracted, and thus far, roughly 18 million of the available 21 million bitcoin units have emerged and are in circulation. That means that only three million bitcoins are left before the entire supply is out in the open.
To be fair, the final bitcoin unit won’t be mined until the year 2140, but the point is that bitcoin does not come in endless supply the way USD might. Therefore, it is likely to strike heavy price territory in the coming years, and Pompliano sees its value surpassing that of all competing assets.
In addition, he says that since bitcoin is digital, the currency is likely to reach a much stronger and wider audience given that more and more people are gaining access to the technologies necessary for taking advantage of bitcoin and crypto. Gold is still a physical asset and cannot be spread to users in the same way bitcoin can, which means that BTC’s following is likely to be much larger in the end.
In a recent interview, Pompliano states that bitcoin could eclipse gold, and when this happens, its market value will be considerably higher. He mentions:
If the gold market is $8 trillion, that puts bitcoin at $400,000 to $450,000 today… It’s better. It’s going to capture more market.
Pompliano’s only concern is that such growth likely won’t occur within his lifetime, meaning he won’t be around to experience the joy of seeing his own prediction coming true. Still, he believes that the U.S. dollar – which at press time, remains the world’s leading fiat currency – has endured enough suffering as of late to promote bitcoin and give it the boost it needed.
He states that the country continuing to print further USD as means of increasing stimulus packages and assisting Americans throughout the coronavirus pandemic is likely to have a negative effect on the dollar’s stance. This is the same argument offered by figures such as Elon Musk of Tesla and SpaceX fame. The more you print, the weaker it will become.
Too Much Printing = A Bad Thing?
You can’t print trillions of dollars and have no impact on that currency.