Amid the ongoing bull market, a major Bitcoin (BTC) advocate has delivered another promising price prediction for the largest cryptocurrency.
Anthony “Pomp” Pompliano, co-founder of Morgan Creek Digital, believes that 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 Aug. 4 interview with crypto podcaster Peter McCormack, Pomp said that Bitcoin is poised to eventually hit at least $400,000 or $450,000 price levels with a market capitalization of $8 trillion. According to Pompliano, Bitcoin will steadily break new all-time highs because the cryptocurrency represents a digital version of gold — one of the world's most valuable assets.
As per Pompliano, Bitcoin will follow the success of major digitized assets, replacing the analog gold with its digital alternative and eventually expanding the market. 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.”
Bitcoin is going to capture more market than gold
Pompliano continued that Bitcoin will eventually become a bigger market than gold. According to Pomp, it might take 50 years before Bitcoin hits $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.”
In the interview, Pomp also said that he still keeps his $100,000 BTC prediction, forecasting that Bitcoin will hit $100,000 by late 2021. As of press time, Bitcoin is trading at $11,581 with a market cap of about $214 billion amid the ongoing bull market. In the meantime, gold prices are also surging. The precious metal crossed the $2,000 threshold for the first time on Aug. 4.