The co-founder of Morgan Creek Digital, Anthony Pompliano, explained that Bitcoin (BTC) is going to surpass $20,000 during the next bull run. He said that during a conversation with the crypto critic Kevin O’Leary at CNBC’s Squawk Box a few hours ago.
Anthony Pompliano Very Bullish About Bitcoin
Bitcoin was able to enter a new bull trend a few weeks ago. The digital currency moved from $4,200 in April to over $8,000 a few hours ago, which is a very impressive price movement for Bitcoin. This is why there are several users now that are very excited about the future of the most popular digital asset in the market.
During this conversation, O’Leary said that Bitcoin is just raw speculation. He mentioned that this is not different than going to Las Vegas and placing some funds on black or red on a roulette wheel. Moreover, he has also mentioned that Bitcoin has no intrinsic value and asked Pompliano to explain how is it possible for it to have this value.
Pompliano explained that institutions are starting to play an important role in the cryptocurrency market and community. There are different initiatives that will be allowing Bitcoin to grow and expand around the world as well.
Anthony Pompliano commented about it:
“Everything that is new seems different in the beginning. And I think what you have got to realize is that, with Bitcoin specifically, money is a belief system. So the US dollar – the only reason why we use it is we believe it has value.”
Pompliano went on saying that Bitcoin has value because there are two people that exchange it and believe that it has value. At the same time, he mentioned that they play also close attention to volume and how much money is being moved on the Bitcoin network.
Mr. Pompliano has also explained that Bitcoin has outperformed several assets during the last decade, including the S&P, and every single other financial asset available in the market, and this is also why Bitcoin could play an important role in any portfolio that would like to have large upward growth potential.
Pompliano ended saying that Bitcoin has already entered a new bull market and that Bitcoin’s bottom was back in December when it reached $3,150.
“It is a non-correlated asymmetric return asset,” said Pompliano. “And we’ve definitely, in my opinion, we’ve hit the bottom of the bear market. We’ve now entered into this bull market.”
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