Anthony Pompliano, the founder of venture capital firm Pomp Investments, has made a bold prediction about the future of Bitcoin. In an interview on CNBC Squawk Box, Pompliano stated that he believes Bitcoin could reach a value of at least $100,000 within the next 12 to 18 months.
However, Pompliano did caution that Bitcoin may experience a temporary dip before reaching this milestone. He stated, “I think the downside is pretty limited at this point. It’s difficult to predict with certainty, as external events can always impact the market. But I don’t see it falling below $50,000. I believe we have surpassed that point of no return.”
Regarding the potential upside, Pompliano expressed his optimism. He stated, “I think we will surpass $100,000 in the next 12-18 months. We might even reach $150,000 to $200,000. However, I don’t think people should expect the explosive 1,000% growth we have seen in the past during this bull market.”
Pompliano also provided insights into the recent sell-off of Bitcoin over the weekend. He suggested that the sell-off could be attributed to limited access to funds held in the banking system and automatic algorithmic selling triggered by global tensions. He stated, “I believe there were three factors driving the price sell-off. Firstly, in moments of fear, people tend to panic and buy dollars, leading to some selling. Secondly, over the weekend, while the Bitcoin market was open, the banking system was not, preventing the inflow of new funds into crypto accounts. Lastly, there was a rapid change in social sentiment due to news about Iran, Israel, rockets, and drones. This likely contributed to the sell-off, and it’s unlikely that humans could have reacted so quickly based on Twitter alone. Algorithmic trading likely played a role.”
At the time of writing, Bitcoin is trading at $63,429, showing a growth of over 5% in the past 24 hours.
It’s important to note that the opinions expressed in this article are not investment advice. Investors should conduct their own research and due diligence before making any high-risk investments in Bitcoin or other cryptocurrencies. The Daily Hodl urges caution and reminds readers that any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse or recommend the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice.
