Bitcoin, which has finally started to rise again, would now be on its way to reaching $ 100 and the US government will play an important role in realizing this scenario.
This is according to Anthony Pompliano, a renowned American entrepreneur, finance expert, co-founder of the Morgan Creek digital asset fund and a staunch bitcoin advocate.
"The government will push bitcoin to $ 100.000 faster than any of us think."
The plan for financial support for troubled Americans has already started
The statement comes as nearly 160 million families in the United States are expected to receive another check from the state after the $ 1,9 trillion stimulus package is approved.
Pompliano thinks the US government is actually hurting rather than helping the US economy by injecting more debt as part of its fiscal measures against the pandemic.
“The stimulus package will not eliminate poverty. It will speed it up. There are no contrarians left on Wall Street. There are no contrarians left in finance ”.
Bitcoin is the answer to undisciplined monetary policy
In a newsletter sent to investors, Pompliano explains that Bitcoin has outperformed gold and the S&P 500 index every year for the past 10 years.
In the last year alone, Bitcoin's compound annual growth rate (CAGR) has grown by + 575% compared to 0,96% for gold and + 35% for the S&P 500, while in 10 years the CAGR of Bitcoin is status of + 200% compared to that of gold and the S&P 500 respectively + 2% and + 11%.
"The numbers solidify Bitcoin's status as the best performing financial asset in history."
US Fed policy is extremely profitable for Bitcoin
On February 26, the US national debt reached a total of $ 27,9 trillion, with the 2020 fiscal measures against the economic effects of the Coronavirus accounting for a fifth of the total debt at $ 3,38 trillion.
Furthermore, Fed Chairman Jay Powell is of the opinion that too much stimulus is better than few stimuli. This means that the US government is tolerant of high inflation and will likely continue to inject more money into the economy.
Pompliano reflects the general sentiment of the entire bitcoin / cryptocurrency community, which states that every time the US Fed printers “do Brrrr” it is another support for Bitcoin.
Advise traditional market investors to embrace Bitcoin as a store of value and other leading digital assets before it's too late.
“The numbers don't lie. Anyone on Wall Street who is not on board is just an archaic dinosaur who refuses to acknowledge innovation ”.
At the time of publication, excitement is back in fashion with respect to a passive cryptocurrency market, after bitcoin finally regained the 50k level on March 7, to steadily climb to the current 7% price increase out of 24 hours, coming to overcome the quotation of 56k.