Bitcoin Will Break $400K in Long-Term, Morgan Creek’s Pomp Predicts

Bitcoin will eventually capture more of the market than gold, Morgan Creek’s Anthony Pompliano predicts.

Amid the ongoing bull market, a major Bitcoin (BTC) advocate has delivered another promising price prediction for the largest cryptocurrency.

Anthony “Pomp” Pompliano, co-founder of Morgan Creek Digital, believes that Bitcoin will continue to grow in the long-term to break the $400,000 threshold.

Digital is bigger than analog — Bitcoin is bigger than gold

In an Aug. 4 interview with crypto podcaster Peter McCormack, Pomp said that Bitcoin is poised to eventually hit at least $400,000 or $450,000 price levels with a market capitalization of $8 trillion. According to Pompliano, Bitcoin will steadily break new all-time highs because the cryptocurrency represents a digital version of gold — one of the world’s most valuable assets.

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As per Pompliano, Bitcoin will follow the success of major digitized assets, replacing the analog gold with its digital alternative and eventually expanding the market. Pomp said:

“Here’s what I continue to tell people: name to me a business that was analog and got digitized, and the digital version is smaller than the analog version. It doesn’t happen. It’s because digitization brings all kinds of advantages. It’s a market-expanding technology.”

Bitcoin is going to capture more market than gold

Pompliano continued that Bitcoin will eventually become a bigger market than gold. According to Pomp, it might take 50 years before Bitcoin hits $400,000 levels.

Pompliano said:

“You know there are people who debate what the size of the gold market is but let’s just use easy numbers. Let’s say that it’s $8 trillion. That puts Bitcoin at, depending on how many are lost or stolen, $400,000 to $450,000 today. Do you think that Bitcoin is going to be the equivalent of the gold market? I don’t. It’s better. It’s going to capture more market.”

In the interview, Pomp also said that he still keeps his $100,000 BTC prediction, forecasting that Bitcoin will hit $100,000 by late 2021. As of press time, Bitcoin is trading at $11,581 with a market cap of about $214 billion amid the ongoing bull market. In the meantime, gold prices are also surging. The precious metal crossed the $2,000 threshold for the first time on Aug. 4.

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