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

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



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

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.

 

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