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 [the rising national debt and BTC’s price], they’re like married together forever because ultimately what I think is happening is people [are] 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 [to the debt], 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.
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