Anthony Pompliano of Morgan Creek Digital is the latest industry notable to call a price target of $100,00 for bitcoin, which he expects to be hit before the end of 2021.
‘The Pomp’, as he is known in crypto circles, correctly predicted that bitcoin would bottom in the $3,000s before rising again.
In his Off The Chain email newsletter (and Podcast), he writes:
“This prediction of a ~50% drop in Bitcoin’s price was met with plenty of skepticism, but it ultimately proved to be accurate. Bitcoin proceeded to drop under $3,200 in December 2018 before recovering and shooting past a $10,000 price this past Friday.”
See his tweet below trumpeting his “deadly accurate” prediction for the bitcoin price floor of the bear market.
Now he is targeting $100,000 by end 2021 on the basis of “supply/demand economics”, with demand increasing and supply contracting.
Demand-side pressures “include large scale institutional adoption, multiple ETF and retail product approvals, increased global instability, lack of performance in traditional markets, and the continued manipulation of markets, economies, and currencies by governments around the world”.
And on the supply side, block rewards are halved in May 2020.