tl;dr
Anthony Pompliano, the founder of Pomp Investments, believes that the rising US national debt is contributing to Bitcoin's surge. He asserts that as long as the US government continues to print money, Bitcoin's value will keep increasing. Pompliano highlights the growing use of Bitcoin as a hedge ag...
Anthony Pompliano of Pomp Investments links increasing US national debt to rising Bitcoin value, citing government's continuous money printing as a key factor.
Pompliano anticipates continued Bitcoin surge as national debt soars, highlighting growing institutional interest in Bitcoin as a hedge against inflation and currency debasement.
Bitcoin's value surges by 3.01% to $104,607 as US national debt hits $36.13 trillion, reflecting Pompliano's assertion of a correlation between the two.
Anthony Pompliano, the founder of Pomp Investments, believes that the rising US national debt is contributing to Bitcoin's surge. He asserts that as long as the US government continues to print money, Bitcoin's value will keep increasing. Pompliano highlights the growing use of Bitcoin as a hedge against inflation and store of value by investors and institutions due to concerns about the uncontrollable national debt. Currently, Bitcoin is trading at $104,607, reflecting a 3.01% increase in the last 24 hours, while the US national debt stands at $36.13 trillion according to the US Treasury Department.
The founder of venture capital firm Pomp Investments says that mounting US national debt is helping push Bitcoin (BTC ) to new heights. In a new interview with Fox Business, longtime crypto bull Anthony Pompliano says that as long as the US government keeps the money printers on, the top crypto asset by market cap will continue to rally.
“I think that Bitcoin is going to continue to go up as long as the government keeps printing money. So at the same time that Trump has been elected and has stepped into the White House, saying that he’s going to be the ‘first Bitcoin president’ – which obviously is very bullish for the asset class – you also see that the national debt is exploding in the last 100 days or so.” According to Pompliano, investors and institutions are increasingly using the flagship digital asset as a store of value and as a means of countering inflation, noting that the US national debt is “out of control.”
“If you overlay, they’re like married together forever because ultimately what I think is happening is people realizing the national debt leads to debasement of the currency and so if Bitcoin is a store of value, they are hiding from dollars and they’re going into Bitcoin… I mean we were adding $1 trillion every 100 days or so, which obviously is out of control… You have tons of financial institutions and corporations who are saying, ‘Well hold on a second, let’s go buy a lot of Bitcoin.’ So you have a finite asset with tons of demand coming in and that’s leading to higher prices.” Bitcoin is trading for $104,607 at time of writing, a 3.01% increase during the last 24 hours while the US national debt is currently at $36.13 trillion, according to the US Treasury Department.