Pompliano Claims Bitcoin (BTC) Adoption is on the Rise Despite the Bear Market
The founder and partner at Morgan Creek Digital, Anthony Pompliano discussed the future of the first and the top cryptocurrency in the market, Bitcoin (BTC), with CNBC Africa’s well-known Ran Neu-Ner.
Pompliano is also known as a host on Off the Chain, representing an influential figure in the cryptocurrency community, as well as on Twitter, so it makes sense that the founder of Morgan Creek Digital appears as one of the guests on the first episode of CNBC’s Crypto Trader in 2019.
Pompliano Talks About the Bear Market Coming to an End: Bitcoin Adoption Unaffected by the Negative Market Trends
Judging by the episode of Crypto Trader released on January 10th, Pompliano believes that the cryptocurrency market won’t go much lower when compared to the current state in the market, also adding that he doesn’t believe “it’s over,” referring to the prolonged crisis in the market.
He further stated that it is less likely that we will see any major recovery in 2019, predicting that the market will go sideways for some time instead of progressing up or plummeting down, stating that the price of Bitcoin is more likely to go between 2,500 and 4,400$ for most of the year based on the current market trends.
When asked on how he sees Bitcoin adoption and what would be the next big story fo9r Bitcoin in 2019, Pompliano answered that the adoption can be “broken down in a couple of different ways,” concluding that the underlying fundamentals of Bitcoin are being widely adopted despite the bear market.
As profs for his statement he added that the hash rate of Bitcoin increased 4 times since the beginning of 2018, alongside having increased number of transactions on the network from March to December 2018 with 400 billion dollars settled on the network within a single year.
Motivated by the question that followed on the Lightning Network, Pompliano confirmed that Bitcoin Lightning Network could easily become the next big thing about Bitcoin in 2019 as they have managed to create 18,000 channels in a year starting from zero.
He concluded that the network is growing at a very fast pace, predicting that the network will continue with growth as more people start to understand its potential in terms of usability and scalability.
Institutional Investors Waiting to Make a Move on Bitcoin, Says Pompliano
Even though Pompliano believes that Bitcoin Lightning Network is one of the biggest Bitcoin stories for 2019 as people are joining at an increased pace of growth, he stated that may be an even bigger story would be “who is buying Bitcoin.”
While Pompliano emphasizes that the majority of BTC investors in 2018 were actually retailers, he believes that institutional investors are already making their move on Bitcoin hinting that more institutions will approach the top cryptocurrency “slowly, but surely,” adding that we might see “sovereign wealth and pensions” being transformed into Bitcoin investments.
87total visits,2visits today