Anthony Pompliano, aka Pomp, a partner at Morgan Creek Digital, spoke about Bitcoin’s price action as the year 2018 comes to an end. He also spoke about the price of Bitcoin in a longer time frame and the future of digital assets as a whole.
In an interview with BlockTV, with Pompliano said that Bitcoin has not seen a bottom yet and that it could go further down and could even see a price action sub $3,000 or near that.
“I think our target from August of 2018 has been $3000, we came close once already, so we may just actually go back there or somewhere close. Along with that, over a long period of time, I tend to think that some of the bigger numbers that are thrown out will likely be accurate.”
Pomp continued that predictions for Bitcoin’s price like $50,000 or $100,000 are not impossible and that it would happen eventually in the longer time frame but nobody knows when it would happen. He said it could happen in three years or five years or any number of years.
Discussing a hypothetical situation, Pomp said that true capitulation would happen if the Bitcoin ETF was approved and the price went either sideways or in a downward fashion.
Pompliano said that regulations regarding ICOs are still not clear and like many other builders in the ecosystem, he was waiting for the clarity regarding these issues. When and if those regulations are finalized, entrepreneurs would flock around to build companies adhering to those rules.
Furthermore, Pomp said that Facebook getting into cryptocurrencies is a massive event in the cryptocurrency ecosystem, as the number of users on their platform is staggering. He added:
“Facebook is like the most important company in crypto. Well, they’ve got 2 billion users that use their product every single month. And whatever they create, it literally does not matter what they create… it is almost immediately the most used product in crypto.”
He also said that the recent rumor that has been going on is that Facebook is developing a stablecoin for users on Whatsapp in India and that if there is any credibility to this rumor, it would be a massive step forward in terms of cryptocurrency adoption.
Talking about longterm developments of cryptocurrency/digital assets, Pomp said:
“… the key piece here, and I try to stress this to people is, I fundamentally believe that every stock, bond, and currency will be digitized in the future. This is not a one-year exercise or two-year exercise and this is going take a lot of work and a lot of time”
A user, Jefferson commented:
“Same thing is happening to Credits blockchain, baked 2 years ago and keep on working and assimilate great partners for the future. The work will be shown in 2019”
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US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market
Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy for the regulation of the cryptocurrency space on April 20. The new policy statement titled ‘Crypto/ Digital Asset Regulation And Consumer Protection’, emphasized on the need for regulating the digital asset place, and also listed the actions Yang would do for the cryptocurrency market as the President.
Yang said on Twitter,
“New Policy #22 – Digital Asset/Cryptocurrency Regulation. Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks. Investors need to know what their treatment will be in order to properly innovate in the U.S.”
On the official site, Yang stated that the cryptocurrencies “have quickly grown to represent a large amount of value and economic activity”. He further spoke about the lack of regulation of the cryptocurrency space, adding that the “patchwork of varying regulations” introduced by states has made it “difficult for the US cryptocurrency market” to compete with any other market, importantly China and Europe.
The Presidential Candidate further listed three key problems that needed to be solved, growth of cryptocurrency market being faster than that of the government’s response, differing regulations in different states, and uncertainty of the framework that would be unveiled.
Fang, a Twitter user, said,
“A candidate that is actually in touch with technology, blockchain and crypto. I missed the Bitcoin train but got in early on Ethereum mining: A significant % of my net worth is in crypto. So far I’ve done nothing but HODL. Our government has no idea what to do with digital asset”
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