Morgan Creek Digital Co-Founder, Anthony Pompliano, has discussed the extent of his personal Bitcoin holdings in a gripping interview with Ran Neuner.
Pompliano, a multi-millionaire entrepreneur and investor, revealed more than half of his net wealth is stored in Bitcoin.
“The thought process really is just as a store of value, for people who sit their assets in cash or something else, it’s just a very different asset,” he explained.
“If you believe it is a good store of value then I think that storing your wealth there is a good idea…My guess is there are more people than you imagine that do that.”
$100,000 Bitcoin price target explained
The disclosure about his massive Bitcoin holdings comes just days after Pompliano made a rare Bitcoin price prediction.
He explained why he decided to go public with such a bold target.
“In August last year I basically came out and I said Bitcoin is going to drop about 50% to 3,000 then it’ll jump back up over 10,000, that’s played out since August to about end of May, early June.
“Around $3,800, in March of this year, we put an investment on Bitcoin for public pensions and obviously that investment is doing really well.
“We have a price target as to when we think that the longer term horizon is and what I came out and said was $100,000 by December of 2021.
“I think we’re generally headed to higher highs and I thought it was important to put that on the public record.”
Facebook’s digital wallet to support Bitcoin
While Facebook’s Libra digital currency has been widely viewed a huge positive for cryptocurrency adoption, Pompliano says he believes it’s the social media giant’s ‘Calibra’ digital wallet that will eventually become a game changer.
Why? Because he says Facebook will have no choice but to eventually support Bitcoin.
“I don’t see a wallet where they don’t add Bitcoin support at some point in the future, that could be five years, ten years from now.
“I think if Calibra is going to be successful, it’s going to have to add support for Bitcoin and other cryptocurrencies and Libra will be just one of the many tokens that are supported in that Calibra wallet.”