Bitcoin is rallying once again after suffering a small stutter in the final week of June. The price of the flagship cryptocurrency is hovering around the $13,000 mark once again, and not surprisingly, the bulls are out in full force with their big bitcoin price predictions.
Bitcoin permabull Anthony Pompliano told Yahoo! Finance’s The Ticker in an interview that the price of the crypto asset could “eclipse” the $100,000 barrier by 2021.
Highlight: “By the end of 2021, we’ll see [bitcoin] eclipse a $100,000,” says @APompliano. Says $20,000 is the next level to watch, and also talks about Facebook’s Libra. https://t.co/xpAujlCWBd pic.twitter.com/6H27tCnfDK
— Yahoo Finance (@YahooFinance) July 9, 2019
Pompliano’s bitcoin price prediction is based on a simple assumption
Pompliano said during the interview that bitcoin will shatter his six-figure price target in just over two years thanks to the cryptocurrency’s demand-supply dynamics. He said:
“I think by the end of 2021 we’ll see it eclipse $100,000,” Pompliano said. “The important thing to remember about bitcoin is that it’s a fixed supply asset and so supply and demand economics apply. If there are increases in demand, you’re going to see the price move up.”
The co-founder of Morgan Creek Digital added that the launch of Facebook’s cryptocurrency wallet Calibra could prove to be a trigger for bitcoin adoption. Pompliano believes that Facebook’s wallet will go on to support other crypto assets including bitcoin, thereby boosting demand for the digital asset. According to Pompliano:
“It’s really bullish for the digital currency in the sense that the more important part of the announcement is not Libra, it’s Calibra,