Bitcoin News Today – Headlines for August 6

  • Pompliano believes that Bitcoin would hit $400k in the long-run
  • Bitcoin will capture more of the market than gold – Pompliano
  • Bitcoin’s long-term outlook is very bullish

Bitcoin News Today – The price action of Bitcoin has been impressive over the past few days. The digital currency has continued to post more gains, and it has managed to remain in the positive zone after it plunged by more than $1,500 on Sunday morning. The recent move of the digital currency has increased the confidence of many BTC investors and traders, with some releasing bullish Bitcoin prices.

Recently, Anthony Pompliano of Morgan Creek predicted that Bitcoin would eventually capture more of the market than gold. Amid the current bullish market, a top digital Bitcoin advocate just released another promising prediction for the world’s largest digital currency by market cap.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$10,434.86
-0.09%

Anthony Pompliano Predicts Bitcoin’s Rise to $400k

The co-founder of Morgan Creek Digital – Anthony Pompliano – believes that the price of Bitcoin (BTC) will continue surging higher and break over $400k in the long-term. In a recent interview, the co-founder said that BTC is poised to eventually break the $400k or $450k price mark with a market cap of $8 trillion. He said that the digital currency will continually hit new all-time highs because it represents a digital version of gold.

According to Pomp, which he is popularly known as, the digital currency would mimic the success of top digitized assets, replacing the analog gold with its digital alternative and expanding the market eventually. Pompliano 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 does not happen. It is because digitization brings all kinds of advantages. It’s a market-expanding technology.”

Bitcoin Would Be Bigger Than Gold – Pompliano

The co-founder is very optimistic and he believes that Bitcoin (BTC) will eventually become a bigger market than gold. The Bitcoin advocate said that it might take the digital currency 50 years before it hits $400k. During the interview, he said:

“You know there are people who debate what the size of the gold market is but let’s just use easy numbers. Let us say that it is $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 do not. It is better. It’s going to capture more market.”

In the interview, he said that his Bitcoin price prediction of $100k by the end of 2021 still stands. At press time, the world’s largest digital currency by market cap is changing hands at $11,740 after an increase of about 4.5 percent over the past day. Bitcoin is currently in the green and it looks poised for more near term gains.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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