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According to Pompliano, Bitcoin already represents a digital version of gold. Comparing gold and Bitcoin markets, Pompliano noted that the later will eventually become a bigger one.
As Bitcoin (BTC) is continuing to grow in price, its advocates are making new optimistic predictions about its prospects. Recently, in an interview with crypto podcaster Peter McCormack, Morgan Creek Digital co-founder Anthony “Pomp” Pompliano said that in the long-term, Bitcoin stands good chances of hitting at least $400,000 or $450,000. Besides, its market cap will reach $8 trillion.
According to Pompliano, Bitcoin already represents a digital version of gold. And being the most valuable digital asset, Bitcoin will steadily break new all-time highs.
“Here’s what I continue to tell people: name to me a business that was analog and got digitized, and the digital version is smaller than the analog version. It doesn’t happen. It’s because digitization brings all kinds of advantages. It’s a market-expanding technology.”
Comparing gold and Bitcoin markets, Pompliano noted that the later will eventually become a bigger one. Speaking of time frames, Pompliano said it might take as long as 50 years.
“You know there are people who debate what the size of the gold market is but let’s just use easy numbers. Let’s say that it’s $8 trillion. That puts Bitcoin at, depending on how many are lost or stolen, $400,000 to $450,000 today. Do you think that Bitcoin is going to be the equivalent of the gold market? I don’t. It’s better. It’s going to capture more market.”
During the interview, Pomliano also made short-term predictions. According to the crypto enthusiast, by the end of 2021, Bitcoin will hit $100,000.
More Bullish Expectations
Last year, another expert from Morgan Creek Capital made a similar statement. Morgan Creek Capital CEO Mark Yusko said Bitcoin would reach a high of $400,000 or even $500,000 within a decade. Besides, he said that the top cryptocurrency ha a number of qualities that are “superior to gold”.
Notably, many analysts are now comparing Bitcoin with gold. With the continuing bullish trends, investors may find it difficult to choose one of the two assets to fall back on as a safe store of wealth. While gold has been trusted over the years as the preferred wedge, the volatility of BTC offers a two side possibility which when appropriately harnessed can turn out in the favor of investors.
In July, Bitcoin broke the $11,000 level. Currently, it is trading at $11,739 per coin. Barry Silbert, the CEO of Grayscale and major crypto VC firm DCG, expects the next resistance for Bitcoin to hover around $13,000. According to Bloomberg’s mid-year report, the price of Bitcoin could soon rise above $12,000.