BTC Has to Go Higher, Pompliano Predicts, And Not Because of Halving

Please fol­low and like us:
Pin Share

Bitcoin $50,000: BTC Has to Go Higher, Pompliano Predicts, And Not Because of Halving
Cov­er image via youtu.be

Dis­claimer: The opin­ions expressed by our writ­ers are their own and do not rep­re­sent the views of U.Today. The finan­cial and mar­ket infor­ma­tion pro­vid­ed on U.Today is intend­ed for infor­ma­tion­al pur­pos­es only. U.Today is not liable for any finan­cial loss­es incurred while trad­ing cryp­tocur­ren­cies. Con­duct your own research by con­tact­ing finan­cial experts before mak­ing any invest­ment deci­sions. We believe that all con­tent is accu­rate as of the date of pub­li­ca­tion, but cer­tain offers men­tioned may no longer be available.

Con­tents

VC investor and Bit­coin pod­cast­er Antho­ny Pom­pli­ano has voiced a mega-bull­ish Bit­coin pre­dic­tion. He expects the price of dig­i­tal gold to con­tin­ue ris­ing way above the $50,000 lev­el and the rea­son is not the upcom­ing halv­ing event.

“Bitcoin price has to go higher”: Pompliano

Pom­pli­ano, known on Twit­ter as sim­ply “Pomp”, took to this plat­form to make a major Bit­coin price pre­dic­tion. The angel investor believes that the $50,000 lev­el reached yes­ter­day is not the last stop for the flag­ship cryptocurrency.

Pom­pli­ano did not make any spe­cif­ic pre­dic­tions. How­ev­er, he stat­ed that “the price has to go high­er.” Accord­ing to the expert, once Bit­coin goes high­er, bit­coin­ers will start sell­ing their BTC and it will all be scooped up by Wall Street funds to sat­is­fy their demand that has been increas­ing rapidly.

He did not make any men­tion of the approach­ing Bit­coin hal­ven­ing event in the mid­dle of April. After it occurs, the num­ber of Bit­coins pro­duced dai­ly will be cut by half from 900 to 450 BTC. Cur­rent­ly, accord­ing to Pomp, Bit­coin ETFs are absorb­ing 12.5x BTC pro­duced on a dai­ly basis.

Bitcoin ETFs break 30-year record

Many experts believe that after the halv­ing takes place, they will start acquir­ing even more Bit­coin every day. So far, after one month of trad­ing, Bit­coin ETFs launched by Black­Rock and Fideli­ty have seen more than $3 bil­lion of inflows, thus break­ing a 30-year record of ETFs.

On Mon­day, Pom­pli­ano made an appear­ance on CNBC’s Squawk Box show to talk about Bit­coin. He men­tioned that the world’s lead­ing cryp­tocur­ren­cy has become Wall Street’s favorite asset.

As if sup­port­ing this the­sis, dig­i­tal asset advi­sor at VanEck and Teth­er Gabor Gur­bacs tweet­ed that oth­er finan­cial insti­tu­tions are soon also like­ly to start launch­ing spot-based exchange-trad­ed funds, since “Bit­coin ETFs allow hold­ers to use Bit­coin as a col­lat­er­al and gain access to cred­it and lever­age in the tra­di­tion­al mar­kets.” He expects the cur­rent vol­umes of liq­uid­i­ty flow­ing into ETFs to be “noth­ing com­pared to what’s com­ing when more insti­tu­tions begin to under­stand this.”



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.