The founder of venture capital firm Pomp Investments says rising US national debt is helping push Bitcoin (BTC) to new heights.
In a new interview Speaking to Fox Business, former crypto bull Anthony Pompliano says that as long as the US government keeps the money printers in check, major crypto assets will continue to rise in market capitalization.
“I think Bitcoin will continue to rise as long as the government continues to print money. So at the same time that Trump has been elected and walked into the White House saying he’s going to be the “first Bitcoin president” – which is obviously very bullish for the asset class – you’re also seeing the national debt explode in the last hundred days or Like this.”
According to Pompliano, investors and institutions are increasingly using the flagship digital asset as a store of value and as a means to combat inflation, noting that the U.S. national debt is “out of control.”
“If you overlay [the rising national debt and BTC’s price]they’re like they’re married to each other forever because in the end I think that’s what happens to people [are] The realization of the national debt leads to currency degradation and so if Bitcoin is a store of value, they hide from dollars and go to Bitcoin…
I mean, we were adding $1 trillion about every 100 days [to the debt]which is clearly getting out of hand…
You have tons of financial institutions and companies saying, “Wait a minute, let’s go buy a bunch of Bitcoin.” So you have a finite asset with a lot of demand coming in and that leads to higher prices.”
Bitcoin is trading at $104,607 at the time of writing, up 3.01% in the past 24 hours, while the US national debt currently stands at $104,607. $36.13 trillionaccording to the US Treasury Department.
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