Two daring price predictions, or restatements if you wish, came from Twitter crypto celebrities these days. One forecasted that Bitcoin shall reach $25,000 by the end of 2018, the other that it should make even $50,000 within the same timeframe.
Both Mark Yusko and Anthony Pompliano (aka Pomp) come from asset management firm Morgan Creek Capital. And if you haven’t heard of Morgan Creek Capital yet, here’s a quick rundown.
The company manages over $1 billion worth of assets. They partnered with Full Tilt Capital - a venture firm oriented towards blockchain and digital assets - earlier this year. “Morgan Creek believes blockchain to be one of the most powerful and valuable technologies to have been developed in the digital age and also believes that the disruptive power of the application of blockchain technology across all asset classes will create enormous investment opportunities,” said the company CEO Mark Yusko, according to Bloomberg.
A few weeks later, Yusko went a step further and tweeted his price forecast for Bitcoin:
Yesterday, he informed his followers that he’s standing by his words. Like a few other big players of the cryptocurrency market, he believes in long-term growth and returns and disregards the importance of daily “noise”:
My view from April is unchanged. The #NetworkEffect of #Bitcoin is powerful and all that matters today is securing ownership of the Network, the daily price is just noise... #BuyAndHODL 🚀 https://t.co/FvnIi4jrX1— Mark W. Yusko (@MarkYusko) July 26, 2018
Anthony Pompliano, founder and partner at Morgan Creek, made an even bolder statement, that Bitcoin will reach $50,000 by the end of this year. He restated his words this Tuesday with a little twist:
I’ve stuck to my $50,000 Bitcoin price target for end of year 2018.— Pomp 🌪 (@APompliano) July 25, 2018
Still have high confidence on the $50,000 number. The timeframe is the big unknown.
The next 5 months will be fun to watch.
With Bitcoin’s latest price trend, these possibilities can’t be ruled out. But really, Bitcoin has hardly ever followed a predictable path. It remains to be seen if some veteran investors finally managed to grasp the unknown ways of this capricious cryptocurrency.