Morgan Creek Digital – Bitcoin will Breach $400K in Long-Term
Against the backdrop of continuing rally in cryptocurrency market, another prominent Bitcoin (BTC) supporter has issued a forecast for the numero uno cryptocurrency in terms of market cap.
Co-founder of Morgan Creek Digital, Anthony “Pomp” Pompliano, is forecasting a price of $400,000 for Bitcoin in the long-term.
While talking to crypto podcaster Peter McCormack, Pomp stated that Bitcoin is on course to ultimately attain a minimum price of $400,000 to $450,000, reflecting a market cap of $8 trillion.
As per Pompliano, Bitcoin will slowly move up to the aforesaid level because it mimics digital variant of gold, which is perceived as one of the best safe haven assets to invest.
According to Pompliano, Bitcoin will achieve success in the same manner as other digitized assets and turn out to be a substitute for physical gold, leading to wide spread adoption and increase in market cap. Pomp said:
“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.”
Pompliano further stated that Bitcoin will ultimately turn out to be a greater market than gold. As per Pomp, it could take up to five decades for Bitcoin to hit $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.”
Pomp, in his interview, stated that he is still maintaining his target price of $100,000 for Bitcoin (BTC) by next year. At the time of writing this article, Bitcoin was trading at $11,678, up 4.4% in the past 24 hours, reflecting a market cap of $215.50 billion.
In the meanwhile, gold prices continue to rally, with the yellow metal breaching $2,000 per troy ounce for the first time in history on August 4.