In a recent interview to a media outlet, Anthony Pompliano, the founder of Morgan Creek Digital Assets, a crypto/digital asset management firm, has said that Bitcoin (BTC) will reach $100,000 level by the end of the year 2021.
He cited classical economics principle of Demand-Supply as a key driver of Bitcoin Price. He said that the main driver of Bitcoin price appreciation will be bitcoin’s halving event, which will reduce the mining rewards by half. The halving of Bitcoin is expected by May 2020.
Anthony further said that the market is not yet prepared for the halving and it will be taken by surprise with a sudden decline in supply. The recent upward trend is the continuation of such sentiments.
Pompliano remarked that entry of Facebook with its own digital currency “Libra” is a bullish signal. According to him, increased acceptance and legalization, Institutional capital Investments in crypto, increased trading volumes, and a sense of global instability are driving factors leading to increased recognition of bitcoin as a safe-haven asset