The Bitcoin (BTC) bulls are back and according to Anthony Pompliano, CEO of Morgan Creek Digital, we may be entering a two to three year bull market.
“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.”
In an interview with CNBC on May 14 2019, Pompliano advised investors to bet on Bitcoin and suggested that everyone should have it in their investment portfolio because,
“Bitcoin is a non-correlated asymmetric return asset.”
Pompliano went on to further explain during the interview that the bulls are strongly returning to the market, with Bitcoin exchanges already this early on seeing all-time highs.
Due to this there has been another influx of interest in the crypto arena from both retail investors and financial institutions, such as Fidelity. The US-China Trade War is also driving the value of Bitcoin higher, due to its inherent attribute as a safe-haven currency, as well as its scarcity in the market. Bitcoin’s programmed scarcity as over 76 percent of the total that will ever exist has already been created.
With the block halving creeping up on us and due to happen in 2020, this will reduce mining output and restrict supply heavily, pushing the value of Bitcoin to a predicted price of $55,000 USD by 2020.
the price of Bitcoin, at the time of writing, sits at $8,703.82 -0.66%.