Morgan Creek Digital: Bitcoin Could Be Entering Multi-Year Rally

written by

Support free journalists: > send a tip

Digital asset fund manager Morgan Creek Digital‘s CEO, Anthony Pompliano, has come out to say that all the signals are pointing towards a possible multi-year rally and Bitcoin bull market that could last two to three years, as quoted by Bitcoinist.

His sentiment comes on the back of strong performances by Bitcoin in recent weeks and months to completely overturn a year of sliding prices, soaring from a low of USD 3,100 in January to its current range of USD 8,750 in less than five months. Pompliano has advised investors during an interview with CNBC to keep Bitcoin in their portfilios because it was a “non-correlated asymmetric return asset”.

The influencer, who also runs the Off the Chain podcast, pointed to growing fundamentals that support the theory of a returning bull market, such as ever-increasing trading volumes on exchanges, and evidence that investors — both retail and institutional —  were moving funds back into cryptocurrency.

The current trade tensions developing between China and US, the world’s two largest economies, are also showing Bitcoin as a safe haven for value, with more money pouring into it. This is a view supported by the likes of Grayscale CEO Barry Silbert.

Pompliano argues:

“We hit the bottom of the bear market, and now we have entered into this bull market. It would not surprise me if we entered a kind of two to three-year bull market now.”

To underline his point, he also pointed out that more than three-quarters of Bitcoin supply had already been created, signaling a scarcity factor that would only increase with Bitcoin rewards for every new block found by miners due to be halved a year from now in May 2020.

Given that price is now approaching USD 9,000, it would seem that Pompliano is on the right path with his prediction of a multi-year rally.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Latest on Bitcoin News

   Advertisement

This Month on Bitcoin News

Press Releases

Bitcoin News Archive

   Advertisement