Posted 1 year ago | by Ben Armstrong
Bitcoin Bull: Price Has Started Climbing to $100K - Anthony Pompliano
The Bitcoin price has hit its highest point since October last year and rose above $10,000 USD over the last week. Anthony Pompliano, co-founder & partner at Morgan Creek Digital is one of many people who believe that Bitcoin’s price can hit $100,000 at the end of 2021 due to limited supply and increased demand,
“Bitcoin just hit $10,000. I still think that Bitcoin will hit $100,000 by the end of December 2021.
Fixed supply. Increasing demand. Time will tell”
Crypto analyst Willy Woo seems to share this same view (via Twitter):
“This breakout is the real deal. Fundamental investment activity is backing this $10k breakout.”
Bitcoin is Back
Bitcoin has shown high levels of price volatility, spurring a debate regarding the underlying reasons why the digital currency has bounced back. Most people see Bitcoin as an asset for speculation in the short term. Bitcoin price surged earlier last year at the beginning of a U.S.-China trade war.
While looking for a safe haven, many people have turned their stocks, fiat currency and assets into Bitcoin. Over a longer-term time horizon, Bitcoin may emerge as an international medium of exchange, which would push demand for the token higher.
Gold for a New Age
According to a report published on January 29, the investment management firm VanEck claimed that Bitcoin can potentially become digital gold given its scarcity, monetary value, and ease of transfer.
Although admitting that Bitcoin is not a currency, the group think it will become one:
“Bitcoin is not quite a currency but most certainly is a money, however it may become a currency in the future.”
Contained in the report, an in-depth comparison of the features of the United States dollar, gold and Bitcoin also suggests that Bitcoin has all the features that make an asset money, even more than gold.
Michaël van de Poppe tweeted that Bitcoin price has reached a temporary high and expected to have a pullback at some point.
van de Poppe:
“Still, I think we're going to top out for a bit here and just make a sideways range. Identical, the best would be $8,750-9,000 as long entries. Doubt we'll get it...breakthrough here and targeting $10,400-10,900.”
One thing is for sure – Bitcoin is back in a big way. It will likely continue to climb back to the highs it set last year, before making an assault on its all time highs of late 2017.