Morgan Creek Digital CEO: Multi-Year Bitcoin Bull Market Pump Might Be On The Horizon

    2-3 Years Of Bull Market Might Be On The Horizon According To Pomp

    After a disappointing 2018, it’s might be safe t assume that Bitcoin has had a stellar year so far in 2019. The price more than doubled, surging 137 percent year-to-date. With most of the gains made in the last two months, however, it’s perhaps reasonable to wonder whether or not things will end up as they did after the parabolic surge of late 2017.

    In an interview with CNBC, Pomp made the same points to the mainstream financial analysts.

    The current picture of the movement of Bitcoin’s price reminds quite a bit of what happened in late 2017, the beginning of 2018. Back then, the year kicked off with Bitcoin trading at around $1,000, and by the end of May, it was sitting in the comfortable range of about $2,300. Interestingly enough, this represented an increase of around 130 percent – almost the exact number that we see in 2019 so far.

    On the question of whether Bitcoin has real utility as a currency, the answer is mixed. Although Bitcoin’s main use case as a darknet market currency has been diminished by the closure of many such markets, the coin is now seeing mainstream acceptance at stores like Whole Foods and Home Depot. This could indicate that mainstream acceptance of Bitcoin is taking off.

    Even Arthur Hayes, the CEO of BitMEX had similar things to say as Pomp:

    “The bull market is real. A momentary dip below $7,000, and a few days later we are back above $8,000 and the [June and September] contracts are in contango. Booyah!”

    While the 2017 bull run of the crypto market was triggered by booming retail interest, Digital Currency Group (DCG) CEO Barry Silbert stated that 2019 rally has been catalyzed by the noticeable improvement in institutionalization and the infrastructure supporting the asset class.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Sritanshu Sinha
    Sritanshu Sinha
    Sritanshu has a keen interest in emerging technologies, startups and economic anthropology. He holds the view that cryptocurrencies are the best bet humanity has got to push the world towards a borderless economy.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Danone Launches ‘Track & Connect' Putting Baby Formula Supply On Blockchain Technology

    Danone is applying for the first time blockchain, aggregation and serialisation technologies for its infant formula packs. David Boulanger, the company’s senior VP of...

    Deribit Exchange Launches Ethereum Daily Options After Success With Bitcoin Contracts

    The Deribit Exchange specializing in crypto derivatives has launched daily Ether (ETH) options, an announcement from Monday and made on Twitter says. The strike price...

    Central Bank of Russia Proposes Amendments To Legal Framework for Tokenization

    The proposed cryptocurrency legislation in Russia could change a lot, now that a new bill for tokenization has been filed. On February 17, the Central...

    Ripple (XRP) Price Analysis (February 17)

    Key Highlights XRP market is under a falling force by the US dollar price valuation. XRP/USD pair’s value now averages a low point at...

    Binance Applies for Singapore Crypto License Under The New Payment Services Act

    Binance crypto exchange through its parent company has applied for Singapore’s new operating license. This follows an upgrade of laws governing crypto in the...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.