Founder and partner of Morgan Creek Digital Asset, Anthony “Pomp” Pompliano has laid a personal opinion that Bitcoin is likely to hit a new record of about $100,000 by 2021 end.
In August 2018, Pomp had written an email to investors during the time Bitcoin was trading at $6,770. Then he predicted,
“We are likely to see Bitcoin near $3,000 before we see Bitcoin at $10,000 again.” Though there was a lot of skepticism given that the cryptocurrency was showing signs of a recovery, then, his prediction turned out to be accurate.
Following that success, Pomp laid out new price prediction for Bitcoin explaining that he did this by “forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
As Bitcoin’s bull market is still up, Pomp hopes that Bitcoin will hit $100,000 valuation before 2021 end, on a confidence level around 70-75%.
However, he noted that the thoughts wouldn’t be nearly as rewarding if he didn’t have material skin in the game or the stomach to be held publicly accountable for the opinions.
What If There’s a Bear Market Before 2021?
It is important to note that the prediction by the Bitcoin enthusiast is a little more conservative when compared to other bulls such as the one who promised to eat a part of his body if Bitcoin failed to hit $1 million by 2020.
Pomp considered the basics which are that Bitcoin as an emerging asset is very volatile, and can even climb from the current ~$11,000 price to $100,000 without experiencing this volatility.
If any such massive jumps were to happen, the prediction leaves a room for 20-30% drawdowns from new all-time high as the Bitcoin continues to see an increment in value.
However, as is the case with any seeming financial advice, Pomp doubled down on the fact that the prediction is only a personal opinion, and never investment advice.