• Pompliano, the co-founder of Morgan Creek Capital, spoke about Bitcoin prices, the upcoming halving, volatility and so on.
  • He believes that Bitcoin prices will witness a lot of volatility in the next two years.

Anthony “Pomp” Pompliano, co-founder and managing partner at the venture capital fund Morgan Creek Capital, spoke to CryptoPotato on cryptocurrencies. The crypto community has been arguing about the "blockchain, not Bitcoin" narrative for a while now. This can particularly be noticed in China, where the government supports the development of blockchain-based technologies but outlaws the usage, storage, or trade of cryptocurrencies.

Pompliano said that the game-changer here is time. He added:

I think that everyone comes into the industry and they usually do it through Bitcoin. They hear about it, start looking at it, and then there’s the evolution.They go and check enterprise blockchain, check out tokenized securities, DeFi, but pretty much everyone comes back to Bitcoin. Now, that journey may take six months, 12 months, or 18 months, but I think the best thing for Bitcoin is time.

It takes time for people to get familiar with it, to start using it, to understand why it’s crucial. I think that’s going to happen at the government level, the private level, and the institutional level. So it’s just the time needed for people to get more familiar with it.

Notably, many financial and governmental institutions are welcoming blockchain-based technologies. Recently, Agustin Carstens, the General Manager of the Bank of International Settlements (BIS), suggested central banks embrace digital money. 

Pompliano said:

A great use case for blockchain is triple-entry accounting. Single-entry accounting was replaced by double-entry accounting. It’s pretty much true of all transactions and accounting for the last hundreds if not thousands of years. 

In that sense, I think the invention of triple-entry accounting is going to be huge for human development, and blockchain is a great way to do that in an automated fashion. We just announced that we led a series C funding for a company called Figure Technologies.

In that system, basically, what happens is, they created a digital mortgage, and the way that they transact with other people on Wall Street is through a decentralized settlement system. It’s triple-entry accounting that’s presiding over those transactions, so you don’t have a centralized party to do transactions.

Bitcoin halving is one of the most anticipated events in 2020. This is the event that will slash by half the miner’s rewards for adding blocks to the network. Several crypto enthusiasts expect the halving to have a significant impact on Bitcoin’s price since the supply of newly minted BTC will reduce. According to basic economic principles, when the supply of an asset is reduced while the demand remains the same or increases, its prices will surge. 

Pompliano believes the same and he added:

The halving will be a big moment for Bitcoin. I don’t think that the price will shoot up the day after it, but I do think that from the day we are right now, we will see Bitcoin’s price at $100,000 by December 2021.

With respect to the current price action, Pompliano anticipates a lot of volatility:

I think that we are now in a bull market that will extend to around two years. In that period, I think Bitcoin’s price will see a lot of volatility with days spiking up 10-12% as well as 30% crashes. Generally, though, it will continue to trend upwards.


 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin price is trading above two crucial levels, suggesting a stable foothold. Combining this outlook with a bullish divergence signal, BTC holders should expect a favorable outcome. However, since the third quarter will end in a few hours, there is bound to be abnormal volatility in the market, which could trigger massive moves in either direction, so investors need to be cautious. 

More Bitcoin news

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shytoshi Kusama, the project lead for Shiba Inu, has dropped a teaser about Shiba Eternity for the SHIB community. Proponents expect the launch of the collectible card game to be a bullish catalyst for SHIB.

More Shiba Inu News

Staking is coming to Chainlink this December as LINK price stands firm

Staking is coming to Chainlink this December as LINK price stands firm

LINK is trying to find its feet in the wake of declines that followed its rejection from resistance at $8.40. Bulls have managed to sustain a generally up-trending market and Chainlink is up nearly 17.50% from its September low at $6.56.

More Chainlink News

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic price ranges with no directional bias in sight. This trend could continue unless Bitcoin decides to do something. Regardless, investors should prepare for a minor downtrend before ETC rallies. 

More Ethereum Classic news

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022. 

Read full analysis

BTC

ETH

XRP