Anthony Pompliano, the famous Bitcoin proponent who also hosts a podcast talking about various developments and occurrence in the crypto space says he is more bullish on Bitcoin than he has ever been. Pompliano believes that looking at the current price movement of BTC, it might gain 20-50x in its value in the coming 5 years.
Pompliano believes that there are two main reasons for Bitcoin’s current bullish trends, firstly the trading volumes of Bitcoin are touching all-time high on major exchanges suggesting that traditional and retail investors have come around to believe that Bitcoin is here to stay. The second reason for the surge could be the impending halvening of block rewards scheduled for 2020 and its less than a year away.
Historically, the prices of Bitcoin starts to pick up a year and a half before the block reward halving. On the past two occasions, Bitcoin prices have surged more than 1000% before the block reward halving. The main reason for such bullish sentiments around block reward halving is the scarcity of the Bitcoin. The next halving would see the Bitcoin reward get halved from 12.5 BTC to 6.25 BTC.
Pomp went onto predict that Bitcoin might touch a value of $2,75000 in coming 5 years. The prediction is based on his comparison of Bitcoin Halving to the United States treasury department cutting the supply or printing of US dollar into half. He says that if the number of US dollars printed by the government is cut to half, the prices of the US dollar would also skyrocket. He says it is a simple analogy, as the scarcity of a valuable asset increases so does the value.
Pomp is also quite active on twitter where he keeps his followers updated on the various aspects of his podcast as well as the latest happening of the decentralized world.