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Anthony Pompliano

China Could Use Bitcoin As A Financial Weapon Against US Dollar

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China has time and again revealed its inclination towards digital assets. However, the United States of America has been extremely stringent with regard to the crypto market. Just when the crypto-verse is growing in terms of popularity as well as price, several individuals across the globe have started to view the crypto industry as a promising investment portal. However, the strict laws imposed by the American government has made it difficult for the citizens of the country to invest in the asset.

Anthony Pompliano, appearing in a recent interview with CNBC’s Squawk Box, pointed out how the US could lag behind in the financial race if it did not embrace Bitcoin [BTC]. Speaking at the Nixon Seminar, prominent investor Peter Thiel suggested how Bitcoin could be thought of as a “Chinese financial Weapon against the US”. While Thiel speculated that this could undoubtedly threaten the US Dollar, Pomp went on to agree to the same.

China Getting Ahead In The Financial Race?

With the fast-paced development of the digital yuan, China had already established its dominance. While the US is still lagging behind in the development of the CBDC, embracing crypto could possibly help the country stay ahead in the game, the community speculates.

Elaborating on Thiel’s recent statement, Pomp stated,

“Everyone in the world has an opportunity to use this, just like the internet. And so, just because other countries, maybe adversarial or not to the United States, are going to use it, it doesn’t mean [Thiel] is taking an anti-Bitcoin stance. Actually, it’s quite the contrary.”

Further dismembering Thiel’s comment, the Morgan Creek Digital co-founder suggested that the US could fall back in the “global competition” which would further push other countries like China to use this to “destabilize or financially attack the United States.”Additionally, he added that America was required to “be the leader” and embrace crypto in order to retain its place on the top.

He added,

“What we need is for the United States to be the leader here. We need to embrace this, so we need to make sure that we use this technology to continue to be a leader on the global stage.”

Bitcoin Fever Captures Crypto Market: Here Are The Top 5 Predictions For 2021

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Bitcoin is currently on a historic run above the $10,000 milestone – as we can see on cryptocurrency data platform CoinCheckup, BTC recently hit a new all-time high at just under $20,000, and there is no shortage of bullish sentiment in the cryptocurrency markets. Alternative crypto assets like Tron have also benefited significantly thanks to the Bitcoin rally.

Even though nobody can say for sure what will happen in 2021, many experts agree that it could be an amazing year for the world’s largest cryptocurrency. Let’s check out 5 Bitcoin price predictions for 2021 to get a better idea of where analysts and notable crypto community members are placing their targets.

Bloomberg analysts say $50,000 could be a good target for Bitcoin in 2021

Financial media and data company Bloomberg recently published a report analyzing the current outlook for the cryptocurrency market. According to the analysts, Bitcoin is likely to »maintain its propensity to advance in price into 2021«, and could rise all the way to $50,000. The report noted that 2020 has been a crucial year for the mainstream adoption of Bitcoin, and helped establish $10,000 as a key support level for BTC. The analysts also stated that the macroeconomic environment is favorable for Bitcoin. If BTC does indeed reach a $50,000 price tag, its market capitalization will be around $1 trillion.

Raoul Pal – Bitcoin could reach as high as $250,000 in a year

Raoul Pal is a macro investor who previously worked as an executive at investment banking giant Goldman Sachs. Pal, who currently runs Real Vision, says that Bitcoin has the potential to appreciate to a whopping $250,000 per coin in 2021. In an interview, Pal said such a price target is made possible by the massive sums of money that are currently entering the BTC markets thanks to institutional investors. Pal noted a significant imbalance between supply and demand in the Bitcoin market, and saying that the devaluation of fiat currencies caused by monetary stimulus will result in even more investors choosing to park their money in Bitcoin.

Willy Woo – $200,000 is a »conservative« target for Bitcoin in 2021

Willy Woo is a Bitcoin investor and on-chain analyst known for his fascinating models and charts that implement data sourced directly from the Bitcoin blockchain. In a Twitter thread summarizing his thoughts on what we can expect from Bitcoin in 2021, Woo noted:

»My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question. The current market on average paid $7456 for their coins. You all are geniuses.«

Woo also pointed out a decrease in BTC balances held on cryptocurrency exchanges as another bullish factor. He pointed out that this trend is currently much stronger than what we saw during the 2017 cryptocurrency market cycle

Mike Novogratz – Bitcoin will hit $55,000 – $60,000 by end of 2021

Mike Novogratz is a Wall Street veteran who has made a huge pivot into cryptocurrency and is now known as one of the most influential cryptocurrency investors. According to Novogratz, Bitcoin is poised to reach between $55,000 and $60,000 in 2021, and the rally will be driven by institutional investors and the macroeconomic environment plagued by accelerated money printing.

Anthony Pompliano – Bitcoin can reach up to $250,000 in 2021

Anthony Pompliano is a cryptocurrency investor at Morgan Creek Digital, and has one of the strongest social media presences in the cryptocurrency community. In one of his newsletters, Pompliano stated that the Bitcoin price could reach $250,000 in 2021, which would be the »bull case«. He also described a more conservative »base case«, in which Bitcoin hits $100,000 during the next year. As with most other Bitcoin investors, Pompliano cites the unprecedented macroeconomic environment as being fertile ground for further Bitcoin gains. According to Pompliano, it’s far from too late to invest in Bitcoin despite the fact that BTC has already displayed incredible gains in its decade-long history:

“Many investors will look at the historical price increase of the digital asset and believe they “missed it.” That could not be further from the truth in my opinion. I believe we are at the start of another boom cycle in Bitcoin, which is likely to drive us 10-20x higher in the 15-month window.”

  Conclusion

While many of the price targets we covered in the article may seem overly ambitious, Bitcoin has a long history of exceeding expectations. Do you think it’s likely for Bitcoin to reach $100,000 and above or do you have more conservative expectations of what 2021 will bring for the BTC markets?

 

Michael Novogratz and Anthony Pompliano discuss Bitcoin’s ‘safe haven’ tag in latest video

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The financial world, as we know, has come to a standstill, with stocks and bonds falling in record numbers. This market movement has also resulted in investors losing money, putting a damper on a number of new projects.

The cryptocurrency world was also hit by the price crash with Bitcoin falling by more than 34 percent. This phenomenon was one of the main topics of discussion during a recent talk between Anthony Pompliano and Michael Novogratz. 

Michael Novogratz, the Chief Executive Officer [CEO] of Galaxy Digital stated that investors need to brace for impact in the near future. According to him, every once in awhile the financial world goes through a storm and the current situation was one of them. He claimed that at present, trade was becoming a global risk-off.

With the advent of the Coronavirus, multiple markets have crumbled to leave the financial world in total chaos. Novogratz called it a “rolling blackout” and added that Bitcoin had failed to function as a safe haven asset. In his words:

“I was always a big Bitcoin advocate and believed that it would solve the problems that fiat would find difficult. But right now, the Bitcoin market has also crashed which means that it is a leverage risk asset. The cryptocurrency was supposed to do well but it has done quite the opposite.”

The Galaxy Digital CEO predicted that it would be another 12 to 18 months before the cryptocurrency market would take flight again. He urged members of the community to stick together and push through the bearish atmosphere. This would require a boost in both confidence and morale. During his conversation with Pomp, Novogratz did not fail to praise the US Federal Reserve for its efforts in maintaining the economy.

Michael Novogratz said that the liquidity boost by the Fed was a great move to provide wriggle room for struggling banks and corporations. The Federal Reserve was also responsible for the recent rate cuts that brought it down to 0.00- 0.25. The move did not do much to arrest the slide as markets were down again the next day. Novogratz’s comments on Bitcoin came after the cryptocurrency crashed rapidly over the past week.

Bitcoin at press time was trading for $5265 after a 10.7 percent raise over the previous day. The total market cap was just 3.775 billion away from hitting $100 billion while the $24-hour market volume was $41.913 billion. The drop has been so drastic that Bitcoin has seen almost $5000 being shaved off its value. On February 15 Bitcoin was trading for $10,304 whereas on March 15, the cryptocurrency was worth $5375.