The founder of Morgan Creek Digital, Anthony Pompliano, has stated that he believes that the price of Bitcoin is potentially heading towards US $ 50,000 this year. Pompliano said speculation about ETFs, institutional interest and "human psychology" will drive the rise in Bitcoin prices.
Pompliano gave his bullish forecast of Bitcoin prices in an interview with Cheddar's Crypto Craze last Thursday. The former Facebook employee told the media:
"I have a high degree of confidence that, at some point in the future, it will reach US $ 50,000. And I have some confidence that it will be at the end of this year. I probably put it at 30-40%. "
For Pompliano, there are three reasons behind his optimistic perspective, the first is human psychology. Pompliano believes that the market is striving towards "the next big round number", and, for him, that's $ 50,000.
He explained that the speculation around the numerous requests of a Bitcoin ETF that have been presented to the SEC of the United States is driving the upward movement. However, it is less optimistic about an approval in the immediate future:
"I do not think it's going to be approved in the next 30 days, but we'll see. There are many people who are enthusiastic about that. "
Pompliano also emphasized that there is an increase in institutional interest in Bitcoin and in the broader cryptocurrency market at this time. He believes that the growing volume of transactions is indicative of this interest and can only boost prices upwards:
"You have to look at the institutional money: it is reaching the funds, it is reaching futures contracts, etc. You are starting to see large volume increases in some of these products and I think that will continue to drive the price of this asset much higher for the rest of this year. "
Summarizing his point of view, Pompliano affirmed that the world is rapidly digitizing. According to him, traditional financial institutions are currently struggling to offer digital products, as well as suitable interfaces for such offers. The founder of Morgan Creek Digital has said that it will be a question of survival for these inherited institutions:
"They have to digitize what they do or they will be considered irrelevant."
Another former Facebook worker turned into Bitcoin bull also spoke with Cheddar. Now, the co-CEO and founder of Fin, Sam Lessin, spoke about Bitcoin and the necessary fulfillment of its role as a store of value:
"From the point of view of stored value, I am a Bitcoin maximalist ... If you look at the broader blockchain and crypto ecosystem, I do not think that people fully appreciate how deeply important it is to have an immutable ledger all over the world."