Morgan Creek founder Pomp: Limited supply and increased demand will bring Bitcoin to $ 100,000 by the end of 2021

On February 9, the price of bitcoin had exceeded $ 10,000, breaking through key psychological levels and reaching its highest point since October last year.

201906050842038821

But for many, $ 10,000 is just the beginning before this top cryptocurrency reaches a higher level. Anthony Pompliano (Pomp), co-founder and partner of crypto investment agency Morgan Creek Digital, believes that due to limited supply and increased demand, the price of Bitcoin will reach $ 100,000 by the end of 2021:

"Bitcoin has just reached $ 10,000. I still think that by the end of December 2021, Bitcoin will reach $ 100,000. Because of a fixed supply. Increased demand. Time will tell."

As crypto analyst Willy Woo commented on Twitter earlier today, this is big news for Bitcoin holders.

"This breakthrough is the real key. Fundamental investment activity will support this $ 10,000 breakthrough."

7FB6F6BB09CC4368A37DF0BED5DCF862

Source: Charts.woobull.com

BitMEX co-founder and CEO Arthur Hayes is also optimistic about the future price of Bitcoin. He commented on Twitter:

"Nothing can stop me, I have been moving forward! Steady and steady is the key to winning the game. Let's climb the ladder of #bitcoin $ 20,000."

The nature of Bitcoin's fixed supply and its increasing demand

Bitcoin has many attributes that are critical to its success. Deflationary monetary policy; a hard cap that can be determined and predicted. Because bitcoin must be mined digitally, and bitcoin's supply is limited, it can be compared to gold in many ways.

Bitcoin can only mine up to 21 million bitcoins in total, and about 18 million bitcoins have been mined so far. In addition, Bitcoin will be halved in May this year, and its supply will be further reduced to a rate of about 1.7% per year.

Since 2010, Bitcoin has shown high price volatility, sparking debate about the root cause of demand from economic entities. In the short term, most publics consider Bitcoin as a speculative asset. When the Sino-U.S. Trade war started earlier last year, bitcoin prices also skyrocketed.

Many people are looking for a safe haven while transferring their stocks, fiat currencies and assets to Bitcoin. In the long run, this demand may be driven by Bitcoin's recent expectations as a medium of exchange.

Cointelegraph writer Michaëlvan de Poppe stated on Twitter that the price of Bitcoin has reached a temporary high and is expected to fall back at some point:

"However, I think we will peak here for a while and make lateral adjustments."

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Eat Reason Rationally | Who is the real winner of the Steem incident?

Sun Yuchen VS Steem community was the most discussed topic in the industry last week. On February 14, Sun Yuchen comp...

Blockchain

The US Department of Justice accuses SBF of misappropriating over $100 million of customer deposits for political donations.

Sam Bankman-Fried is said to have used over 100 million dollars of user funds to provide campaign donations for both ...

Blockchain

FTX Founder SBF The Astonishing Fall of the Former Cryptocurrency King

In the development process of a new technology, there will always be a moment when the hype is so common that it is t...

Blockchain

Where is the decentralized Chuhe Han Realm? Which is the trend?

❖Centralized Exchanges ❖ The reason for the closure of Fcoin is that the trading platform cannot be res...

Blockchain

Unveiling SBF's Defense Draft of up to 250 Pages I Did What I Believe Was Right

SBF traced his development journey, from his childhood in Palo Alto to the top floor apartment he purchased near the ...

Opinion

The inevitable outcome of Non-EVM public chains? Analyzing the reasons for the decline of ICP from multiple perspectives

This article will start with the technical characteristics of ICP, then discuss the shortcomings of its NNS governanc...