Bitcoin could fall below $ 3,000 – yet $ 50k, $ 100k, etc. Still possible
BlockTV, a new source of cryptocentric news, recently sat with Anthony Pompliano, a world famous Bitcoin zelot (BTC), for a year-end interview. Pompliano, better known as "Pomp" for the cryptic community en bloc, explained that cryptocurrencies probably did not establish the long-term fund that investors have been clamoring for. This is a point that has echoed during recent interviews on the major media segments.
– BLOCKTV (@BLOCKTVnews) December 25, 2018
Pomp, former Facebook and Snapchat development team and current partner of Morgan Creek Digital Assets, noted that BTC could return to the lows from the start of the year in recent weeks, at ~ $ 3,150, and could fall further down. More specifically, the investor, referring to his company's August target, noted that the digital asset could even fall below $ 3,000, which is not outside the realm of possibility.
On the flipside, Pomp noted that in the long run, calls that Bitcoin violation $ 50,000 a pop, or even higher ($ 100,000, $ 150,000 or other large round numbers) "will likely be accurate." While the crypto-hard seemed certain that Bitcoin could eclipse the aforementioned levels, the question that remains is how long it will take for that to happen.
Returning to a short-term perspective, Pompliano, who founded the crypto-friendly VC group Full Tilt Capital, explained that it is important to evaluate the "market consensus" and important industry events. Explaining his point, which may seem hazy from the surface, the investor noted that many investors believe that if a Bitcoin ETF were approved in the United States, prices would rise "drastically" across the board. Yet, if prices were to go sideways or even stumble after such a noticeable green light regulator, Pomp said that this would indicate that it is "when the true capitulation will occur".
Regulatory clarity will be a milestone
By tapping the industry's ICO subgroup, Pomp explained that clarity of regulatory entities is needed, since leading government agencies have not yet given a concrete and unified position on symbolic sales and capital increase in the cryptosphere. On the one hand, there is a bipartisan effort by Ohio Warren Davidson and Florida, Darren Soto, who exempts the ICOs and cryptocurrencies from the SEC jurisdiction. On the other hand, the anti-cryptic actions of the United States Securities and Exchange Commission (SEC).
Once the clarity has been transmitted, Pomp has noticed that entrepreneurs en masse will actually bring forward the start-ups that change the games.
Facebook is the most important company in Crypto
As reported by Ethereum World News earlier, Pomp has taken Off The Chain, a multimedia resource he directs, to state that Facebook is probably the most important company in this nascent industry, despite its position in traditional markets.
He doubled this sentiment in the BlockTV interview, explaining that the alleged stablecoin raid of the Silicon Valley giant could alter this sector from top to bottom. Pomp noted that even if the product were distributed only in India, 200 million users would have had access to the stablecoin, an unknown number of users in the crypt.
The Morgan Creek representative also explained that cryptocurrency is not cryptographically protected (making it only a digital currency), will have a strong impact on the global landscape.
Watch the full interview here
Title Image courtesy of M B M On Unsplash