Anthony Pompliano, the Bitcoin BTC/USD bull and co-founder of Morgan Creek Digital, faced a turning point in 2022 when his cryptocurrency predictions failed to materialize as he had hoped.
Known for his bold statements, Pompliano, who is a keynote speaker at Benzinga's Future of Digital Assets event on Nov. 19, had previously forecasted Bitcoin reaching $100,000 within 2.5 years when it was sitting around $12,000 in June 2019.
When the asset only rose sixfold rather than his anticipated eightfold, he admitted that "price predictions are a fool's game.”
Reflecting on his experience, Pompliano stated, “Bitcoin helped to humble me.”
Despite these moments of humility, Pompliano asserted that his conviction in Bitcoin’s potential remained stronger than ever.
"The truth is that I haven't changed my mind on anything," he said, adding that he continued to buy Bitcoin, both personally and professionally.
However, his self-professed lesson on the unpredictability of the market didn’t keep him away from making further predictions.
Back At It: Pompliano's Renewed Optimism In 2023
By 2023, Pompliano was back to promoting a bullish outlook for Bitcoin.
He joined CNBC’s “Last Call,” declaring that Bitcoin and the crypto industry “is not going anywhere.”
Drawing on his experience with Bitcoin’s historical crashes, he expressed confidence in the industry’s resilience and the likelihood of a market recovery.
“Young people want these assets, and they're going to continue to buy,” he said, adding that the apex crypto would recover.
Pompliano pointed to potential catalysts for Bitcoin's comeback, including the Bitcoin halving in 2024, the supply shock, increased media coverage, institutional interest and the approval of Bitcoin ETFs.
With around 19 million of the 21 million possible Bitcoins already in circulation and a majority held for over a year, he emphasized the asset’s highly illiquid nature.
According to him, this scarcity combined with future market catalysts is a formula for a "much higher Bitcoin price in the coming months."
Institutional Appetite: Bitcoin's 2024 Resurgence
In 2024, Pompliano doubled down on his bullish stance as institutional interest in Bitcoin surged.
Speaking to CNBC, he highlighted the voracious appetite of Wall Street for Bitcoin, especially as it touched the $50,000 mark.
“Wall Street doesn’t just like Bitcoin. They love Bitcoin,” he said, pointing to the record-breaking inflows into Bitcoin ETFs managed by industry giants like BlackRock and Fidelity.
The BlackRock iShares Bitcoin Trust IBIT and Fidelity Wise Origin Bitcoin Fund FBTC amassed $3 billion in assets within 30 days—an unprecedented feat in the ETF market.
Pompliano underscored the impact of these funds on the Bitcoin market, noting that the daily net inflows of $500 million far exceed the daily production of Bitcoin, which stands at just 900 coins.
This discrepancy has contributed to upward price pressure, making Bitcoin more appealing to institutional investors.
“You measure the actual net inflows, right. And so you can just see there’s way more buying pressure,” he said.
Bitcoin's Bright Future: Predictions for 2025 And Beyond
Pompliano's predictions didn't stop there.
In a recent interview, he provided an even more optimistic forecast for Bitcoin’s trajectory over the next year, projecting a potential price range between $100,000 and $150,000 to $200,000 within 12 to 18 months.
His bullish outlook is driven by the market’s underlying supply-demand dynamics and the anticipated Bitcoin halving, which he believes will further reduce the daily supply of new Bitcoin.
“If this continues, that we have 12.5 times more demand… this thing’s going back to its all-time high. It’s pretty much guaranteed,” he said.
Discussing Bitcoin's status as a hedge against inflation and the debasement of fiat currencies, Pompliano framed Bitcoin not just as an asset but as a fundamental part of the global economic landscape.
He also emphasized Bitcoin's potential role during periods of monetary policy shifts, citing the Federal Reserve’s recent interest rate cuts as a signal of increasing liquidity that could provide a tailwind for Bitcoin.
A Fixture At Industry Events
Despite criticism and previous setbacks in his predictions, Pompliano remains a key voice in the crypto community.
His unwavering belief in Bitcoin and its future potential has made him a sought-after speaker at major industry events.
He is set to headline Benzinga's Future of Digital Assets event on Nov. 19, where he will discuss Bitcoin's trajectory, the impact of global monetary policies and the next catalysts that could drive the crypto market.
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Image: Shutterstock
Some elements of this story were previously reported by Benzinga and it has been updated.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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