Anthony Pompliano, CEO of Professional Capital Management, expressed confidence on Monday that Bitcoin (CRYPTO: BTC) would perform well over the long term if authorities continue printing money.
‘Ridiculous’ Governments Will Print Money, Pompliano Says
During an interview with Fox Business, Pompliano said people in Washington, D.C., are “absolutely ridiculous” and would continue to expand the money supply.
“You’re betting on the stupidity of them printing money. That’s a bet I’ll take,” the Bitcoin bull said. “If they keep printing money, Bitcoin will go up over the long run, so will gold, real estate, and stocks.”
Pompliano on Saylor’s Prediction
Pompliano was also asked about Strategy Inc. (NASDAQ:MSTR) founder Michael Saylor’s prediction about Bitcoin gaining 30% every year for the next 20 years.
He replied that 20 years is a “long time,” and a lot can change in that period, citing the rapid growth and adoption of AI over a similar timeframe.
Pompliano said that Bitcoin has compounded at an annual growth rate of more than 60%, and if governments keep printing money at an accelerating pace over the next decade, nothing is off the table.
A Coinglass chart comparing Bitcoin’s price growth to global money supply largely supports Pompliano’s arguments. However, in the current bear market, the relationship has broken down, meaning rising money supply has not been matched by rising Bitcoin prices.
Will Bitcoin Bounce Back Up Strongly?
Pompliano’s bullish bias is understandable given his long-standing advocacy of Bitcoin.
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 cryptocurrency.
Pompliano has also maintained that buying Bitcoin when it’s out of favor could be a good contrarian play.
However, not everyone is convinced. Market analyst Alessio Rastani warned of a potential multi-year bear market for Bitcoin starting in 2027, despite a possible short-term recovery.
Price Action: At the time of writing, BTC was exchanging hands at $63,981.03, down 1.52% in the last 24 hours, according to data from Benzinga Pro.
Photo: Hi my name is Jacco on Shutterstock.com
Recent Comments