In the midst of the ongoing bull market, a major proponent of Bitcoin (BTC) has delivered another promising price prediction for the largest cryptocurrency.
Anthony “Pomp” Pompliano, co-founder of Morgan Creek Digital, believes Bitcoin will continue to grow in the long term to break the $ 400,000 threshold.
Digital is bigger than analog: Bitcoin is bigger than gold
In an interview with Crypto Podcaster on August 4th Peter McCormack, Pomp said that Bitcoin is about to hit a price level of at least $ 400,000 or $ 450,000 with a market cap of $ 8 trillion. According to Pompliano Bitcoin will keep breaking its new highs as the cryptocurrency is a digital version of gold. one of the most valuable assets in the world.
According to Pompliano Bitcoin will follow the success of large digitized assets, replacing analog gold as a digital alternative and eventually expanding the market. Pomp said:
“That’s what I keep saying to people: give me a name that’s analog and digitized, and the digital version is smaller than the analog version. That doesn’t happen. That’s because digitization brings all sorts of benefits. It is a technology to expand the market. “
Bitcoin will conquer more market than gold
Pompliano went on to say that bitcoin will eventually become a bigger market than gold. According to pomp It could be 50 years before Bitcoin hits the $ 400,000 mark.
“You know there are people who argue about the size of the gold market, but let’s use simple numbers. Let’s say it’s $ 8 trillion. That puts Bitcoin at $ 400,000 to $ 450,000 today, depending on how many were lost or stolen. Do you think Bitcoin will be the gold market equivalent? Not me. Is better. It will capture more market. “
In the same interview, Pomp also said that he is still holding his BTC price prediction at $ 100,000 and predicts that Bitcoin will hit $ 100,000 by the end of 2021. At press time, Bitcoin is trading at $ 11,581 with a cap of around $ 214 billion amid the ongoing bull market. Gold prices are now also rising. The precious metal crossed the $ 2,000 threshold for the first time on August 4th.