Morgan Creek Digital’s Anthony Pompliano shared his opinion on where Bitcoin is heading, especially amid a volatile week that saw the asset reach ATHs of over $40k. Following this, the asset faced massive corrections along the way.
Lately, the crypto influencer and podcaster has maintained his bullish stance on Bitcoin. In a recent interview, he claimed that small to large-scale companies will begin to invest in Bitcoin as a store of value and as a hedge against inflation. Such firms will also invest in metals and real estate, he claimed.
He believed that the primary reason behind growing institutional investment in Bitcoin and other assets is due to concerns about inflation. Pompliano claimed that regardless of whether inflation occurs or not, new economic policies proposed by US Federal Reserve have made investors wary.
During an interview at CNBC Market Alert, Pompliano stated:
Jerome Powell and the Federal Reserve ran a $3 trillion marketing campaign for store of value or inflation hedge assets in 2020 and whether you believe inflation is actually going to occur or not there’s a fear of inflation and so investors are moving capital into precious metals, Bitcoin, real estate, etcetera.
He added that Bitcoin transitioned from a “contrarian trade to a consensus trade” on Wall Street and that it would only be “a matter of time” for even central banks to consider Bitcoin as an inflation hedge.
Pompliano re-emphasized his previous opinion on Bitcoin’s performance compared to other assets. According to the exec Bitcoin is a “10x improvement on gold.”
In another interview, Pompliano even criticized JPMorgan for its own predictions of Bitcoin’s price. Researchers at the firm argued that the asset’s prices would hit $146,000 since crypto millennials were now choosing to invest in “digital gold” over gold bullion.
At the time, Pompliano predicted that the popular crypto is “more likely to eclipse” gold’s market cap “before the 2030s.” He noted that no single digital product, especially with a smaller market cap, has been said to replace gold.
Adding that it was only a matter of when “Bitcoin’s market cap will flip gold,” Pompliano also predicted that the asset will breach the $1M price level.
Recently, Raoul Pal had also predicted a similar ATH for Bitcoin and said that the crypto would soar to $1 million in roughly five years’ time.
Author: Alisha Roy