Cathie Wood last week reiterated her Bitcoin price target of $500,000 US dollars amid the massive decline and volatility in all crypto currencies however Anthony ‘Pomp’ Pompliano was less than impressed.
“It’s FUD plain and simple,” said Pomp referring to the overused acronym for fear, uncertainty and doubt. “Bitcoin will be worth way more than that and she’s just trying to goose the price so she can get in at a better number. Don’t listen to her. My price target is minimum $1 million.”
FUD has been the excuse of choice for crypto currency investors to explain negative price movements as it’s generally easier for greener investors to use than making an actual case for their investments.
Bitcoin dropped from its high of near $65,000 to $29,000 however it now trades closer to $40,000. It’s unclear exactly what caused this move but the likelihood is there was just too much FUD and the price collapsed from the weight of it.
In more positive news Pomp has also resumed updating the price of Bitcoin every time it increases $1000.