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Anthony Pompliano, CEO of Professional Capital Management, attributed <a href="https://xpertsstudio.com/where-are-bitcoin-ethereum-and-ripple-price-heading-now/” title=”Where are Bitcoin, Ethereum, and Ripple price heading now?”>Bitcoin’s(CRYPTO: BTC) ongoing rally to indications that policymakers may continue expanding the money supply.
Pompliano Bets on Continued Money Printing
In a Fox Business interview, Pompliano identified short- and long-term catalysts that drove Bitcoin back above $80,000.
“The short-term is that the Treasury hints they’re going to step in and double their purchases of long-dated yields and treasuries, and it’s a reminder that the U. S. Government is never going to stop printing money,” the Bitcoin(CRYPTO: BTC) bull said.
Notably, Matthew Sigel, VanEck’s Head of Digital Asset Research, also linked Bitcoin’s rebound to the Treasury’s announcement.
Pompliano maintained that Bitcoin will keep going higher in the long run as long as the money printer never turns off.
“Bitcoin has no top because the dollar has no bottom,” he added.
Scarcity in the Age of Abundance?
Pompliano also highlighted a broader structural trend that he called the “age of abundance.”
“AI is creating an age of abundance. We’re going to get an abundance of intelligence. This is an abundance of dollars. You want scarcity, and Bitcoin is one of the most scarce assets in the world,” he argued.
Pompliano: The Bitcoin Permabull
This is not the first time Pompliano has linked Bitcoin’s future growth to an increase in the money supply.
Earlier this month, he said that people in Washington, D.C., are “absolutely ridiculous,” and he’s willing to bet on their “stupidity” to print more money.
Pompliano maintains that Bitcoin will eventually reach $1 million due to this play.
He said last month that Bitcoin does not need the CLARITY Act to reach new all-time highs, arguing that the apex cryptocurrency already has more regulatory clarity than any other digital asset.
Notably, cryptocurrency analyst Benjamin Cowen said that Bitcoin’s latest spike has not been matched by strong whale activity, unlike during the market lows in 2018 and 2022.
Price Action: At the time of writing, BTC was trading at $79,048.86, down 2.07% in the last 24 hours
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