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Anthony Pompliano, a cryptocurrency investor and a partner at Morgan Creek Digital Assets, said the price of Bitcoin (BTC) would drop to $ 3,000, a contraction of 85% from the historical highs of the currency.
Although last December, the price of bitcoin was decidedly too high, explained the man in a recent interview broadcast on CNBC, we must not forget that many factors contribute to the value long-term cryptocurrency:
"First and foremost, Bitcoin is the most secure transaction platform in the world, so it must be profitable – it's also the badet clbad that has achieved the best performance of the last ten years. years, surpbading S & P, Dow, NASDAQ and many others, recorded two 85% collapses, but still shows a 400% increase over two years ago.
In addition, Pompliano explained that Bitcoin movements have always been guided by small investors, even before institutions are interested in the sector: this makes the market inherently volatile. On the contrary, large companies mainly operate with OTC exchanges, which are less transparent and much more complex to understand.
Finally, the man alluded to the mining sector of cryptocurrency, strongly shaken by recent declines, admitting that it is only a profitable business in countries with particularly low energy costs, such as China, where to generate Bitcoin only $ 2,000 / $ 2,500. In the rest of the world, where, because of the price of electricity, these expenses exceed $ 6,000, the entire sector "he is submerged right now".
In August, Morgan Creek Digital, in collaboration with Bitwise, launched the Digital Asset Index Fund. The new fund allows large investors to obtain indirect exposure to Bitcoin, Ethereum and eight other coins with considerable market capitalization.
Yesterday, Vinny Lingham, CEO of the Civic start-up, said that in his opinion, Bitcoin trading would continue in a range of between 3,000 and 5,000 USD for at least 3 to 6 months. However, the man does not believe that cryptocurrency can slip under the $ 3,000 wall because "there is a strong desire for short-term buying around this level".
At the time of writing, Bitcoin is trading at $ 3,712, down 1.83% from yesterday.
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