{"id":129708,"date":"2020-04-03T17:16:51","date_gmt":"2020-04-03T16:16:51","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=129708"},"modified":"2020-04-25T09:27:48","modified_gmt":"2020-04-25T08:27:48","slug":"rocket-fuel-why-this-prominent-investor-is-still-eyeing-a-100000-bitcoin-price","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/rocket-fuel-why-this-prominent-investor-is-still-eyeing-a-100000-bitcoin-price\/","title":{"rendered":"&#8220;Rocket fuel&#8221;: Why this prominent investor is still eyeing a $100,000 Bitcoin price"},"content":{"rendered":"<p>With global markets crashing and the broader economy on the verge of another great recession, it's hard to visualize Bitcoin rallying, especially since it collapsed by 50 percent in a single 24-hour period in mid-March.<\/p>\n<p>But top investors still see upside for the cryptocurrency, with one analyst eyeing a $100,000 Bitcoin price, which is 1,380 percent higher than the current market price of $6,750. Here's why he expects BTC to appreciate this much.<\/p>\n<h2>Bitcoin to rally to $100,000?<\/h2>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=XNy8V_Vt2kg\">Speaking with<\/a> a commodities news site and bullion dealer, Kitco, <a href=\"https:\/\/cryptoslate.com\/people\/anthony-pompliano\/\">Anthony Pompliano<\/a> \u2014 co-founder of crypto fund <a href=\"https:\/\/cryptoslate.com\/companies\/morgan-creek-digital-assets\/\">Morgan Creek Digital Assets<\/a> and an industry analyst \u2014 explained that despite the recent drawdown, Bitcoin is still on track to &#8220;rally hundreds of percent&#8221; to $100,000 in the coming years.<\/p>\n<p>The exact prediction is $100,000 by December 2021, just over eighteen months from now. Backing this lofty forecast, he cited three things:<\/p>\n<ul>\n<li><strong>Central banks are printing money en-masse<\/strong>:\u00a0To stave off the negative effects of the <a href=\"https:\/\/cryptoslate.com\/venture-capitalist-2020s-coronavirus-crisis-will-only-prove-value-of-bitcoin-and-crypto\/\">coronavirus outbreak<\/a>, central banks have begun to debase money en-masse through quantitive easing and low-interest rates. Analysts believe as the value of fiat decreases, Bitcoin should rise.<\/li>\n<li><strong>The upcoming block reward halving<\/strong>:\u00a0In May, the number of Bitcoin mined each day will get cut in half due to the so-called &#8220;halving.&#8221; This will reduce the amount of natural selling pressure placed on the BTC price by miners.<\/li>\n<li><strong>Demand for Bitcoin is growing<\/strong>:\u00a0As shown by the <a href=\"https:\/\/cryptoslate.com\/whats-really-going-on-with-tethers-exploding-supply-crypto-exec-tells-all\/\">strong increase in demand<\/a> for <a href=\"http:\/\/cryptoslate.com\/cryptos\/stablecoin\">stablecoins<\/a>, there is a growing demand for cryptocurrency, presumably due to the aforementioned two narratives and the search for new investments amid these stressing times.<\/li>\n<\/ul>\n<figure id=\"attachment_129489\" aria-describedby=\"caption-attachment-129489\" style=\"width: 480px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/cryptoslate.com\/whats-really-going-on-with-tethers-exploding-supply-crypto-exec-tells-all\/\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-129489\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/tether-explode-1024x538.jpg\" alt=\"What\u2019s really going on with Tether\u2019s exploding supply? Crypto exec tells all\" width=\"480\" height=\"252\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/tether-explode-1024x538.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/tether-explode-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/tether-explode-768x403.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/tether-explode.jpg 1200w\" sizes=\"(max-width: 480px) 100vw, 480px\" \/><\/a><figcaption id=\"caption-attachment-129489\" class=\"wp-caption-text\">Related: <a href=\"https:\/\/cryptoslate.com\/whats-really-going-on-with-tethers-exploding-supply-crypto-exec-tells-all\/\">What\u2019s really going on with Tether\u2019s exploding supply? Crypto exec tells all<\/a><\/figcaption><\/figure>\n<p>These three factors, Pompliano explained, will work in tandem to increase the demand of Bitcoin in a time when the scarcity of the cryptocurrency increases, resulting in both a positive demand shock and a negative supply shock \u2014 two trends that should dramatically increase the price of the asset.<\/p>\n<h2>The math agrees with Pompliano<\/h2>\n<p>Indeed, per <a href=\"https:\/\/cryptoslate.com\/top-analyst-bashes-bitcoin-halving-hype-but-math-begs-to-differ\/\">previous reports from CryptoSlate<\/a>, pseudonymous analyst PlanB found that Bitcoin\u2019s\u00a0<span class=\"glossaryTerm\" data-title=\"Market Capitalization\" data-content=\"A measurement of the market valuation for outstanding tokens. Calculated by taking the price of a single token and multiplying it by the amount of tokens not outstanding.\" data-url=\"\/glossary\/market-capitalization\">market capitalization<\/span> over time can be plotted on a logarithmic regression, which has an R squared of 93 percent (was originally 95 percent but has since been adjusted down due to volatility), or extremely accurate in non-statistics lingo terms.<\/p>\n<p>The model predicts that BTC will have a fair value of $55,000 to $100,000 \u2014 approximately ten to twenty times the current value \u2014 after the <span class=\"glossaryTerm\" data-title=\"Halving\" data-content=\"Refers to the process where the payout for reward mechanism for blockchain miners is halved when particular conditions are met.\" data-url=\"\/glossary\/halving\">halving<\/span>\u00a0due to the emission shock.<\/p>\n<p>Importantly, the model doesn't predict when Bitcoin will see this rally, but it predicts a long-term growth towards the fair value.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With global markets crashing and the broader economy on the verge of another great recession, it&#8217;s hard to visualize Bitcoin rallying, especially since it collapsed by 50 percent in a single 24-hour period in mid-March. But top investors still see upside for the cryptocurrency, with one analyst eyeing a $100,000 Bitcoin price, which is 1,380 [&hellip;]<\/p>\n","protected":false},"author":170,"featured_media":129716,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61715,29,15323],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>&quot;Rocket fuel&quot;: Why this prominent investor is still eyeing a $100,000 Bitcoin price<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/rocket-fuel-why-this-prominent-investor-is-still-eyeing-a-100000-bitcoin-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"&quot;Rocket fuel&quot;: Why this prominent investor is still eyeing a $100,000 Bitcoin price\" \/>\n<meta property=\"og:description\" content=\"With global markets crashing and the broader economy on the verge of another great recession, it&#039;s hard to visualize Bitcoin rallying, especially since it collapsed by 50 percent in a single 24-hour period in mid-March. But top investors still see upside for the cryptocurrency, with one analyst eyeing a $100,000 Bitcoin price, which is 1,380 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/rocket-fuel-why-this-prominent-investor-is-still-eyeing-a-100000-bitcoin-price\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-03T16:16:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-25T08:27:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/bitcoin-rocket.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nick Chong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Chong\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/rocket-fuel-why-this-prominent-investor-is-still-eyeing-a-100000-bitcoin-price\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/rocket-fuel-why-this-prominent-investor-is-still-eyeing-a-100000-bitcoin-price\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/#person\",\"name\":\"Nick Chong\",\"url\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/nick-chong-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/nick-chong-author-300x300.jpg\",\"caption\":\"Nick Chong\"},\"jobTitle\":\"Analyst\",\"description\":\"A decentralist at heart, Nick has shown interest in Bitcoin and cryptocurrencies since 2013. 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Chong","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/nick-chong-author-150x150.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/nick-chong-author-150x150.jpg","caption":"Nick Chong"},"description":"A decentralist at heart, Nick has shown interest in Bitcoin and cryptocurrencies since 2013. He has since joined this industry as a full-time content creator, focusing on written content and visuals. Aside from working with other leading trade publications, Nick is a part-time creative at HTC's Bitcoin division, EXODUS. He is based in Canada. He owns a small amount of Bitcoin.","url":"https:\/\/cryptoslate.com\/author\/nick-chong\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/129708"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/170"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=129708"}],"version-history":[{"count":8,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/129708\/revisions"}],"predecessor-version":[{"id":130036,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/129708\/revisions\/130036"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/129716"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=129708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=129708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=129708"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=129708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}