Pomp Investments founder Anthony Pompliano says a growing awareness of inflation is pushing more and more Americans to look toward Bitcoin (BTC).
In a new discussion on CNBC, Pompliano says BTC’s seven straight green months are likely linked to investors becoming increasingly aware of inflation and the likelihood that it will remain hot as the Federal Reserve potentially moves to looser monetary policy.
“We have seven straight months of Bitcoin in the green up to this past month, and so why is it going up? Inflation is coming down year over year but it’s actually going up month after month… So you could argue one, it’s anticipating [the Fed’s] next easing cycle.
You could also argue the alarm bell is going off, and actually inflation is not coming down month over month, it’s going up, and people see that and they’re buying Bitcoin and so Bitcoin going up is telling us ‘wait a second inflation is a bigger problem than we actually thought.'”
The Bitcoin bull also believes that some of the speculative froth surrounding Bitcoin and crypto markets may stem from many people in the US “losing hope” due to a skyrocketing cost of living.
“The dollar has lost 25% of its purchasing power in four years. We have $1.1 trillion in credit card debt. We have 43 million Americans who have federal student debt, the average balance is $37,000. People have lost hope, they do not have hope. How are you supposed to live in a country where it is cheaper to rent than to buy a home in 50 major metros?
You don’t have hope and so what do you do?
I think that if you go and buy a lottery ticket, it’s 300 million to one odds. I think there are people right now that are saying ‘You know what? A memecoin has better odds than a lottery ticket. I think there’s a lot of people that say Bitcoin is actually the safest [bet].”
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