Collins J. Okoth
Fox Business’ Eleanor Terrett reported that Anthony Pompliano believes BTC prices are skyrocketing as a bluff to politicians who are increasing the U.S. national debt. Pompliano was speaking during the Grant Cardone 10X wealth conference, which ran from November 17 to November 18.
Bitcoin and cryptocurrencies, in general, have witnessed meteoric growth since President-elect Donald Trump won the November 5 elections. With its recent spike, Bitcoin propelled the total cryptocurrency market cap to over $3 trillion. The coin managed to cross the $93,000 mark, hitting a new all-time high within a few days of Trump’s victory.
One factor that boosted Bitcoin’s price was Trump’s pro-bitcoin views before and during the race to the Oval Office. The incoming president made promises during his campaign to fuel the country’s dominance in crypto.
Pompliano believes in Trump’s ability as the first pro-BTC president
There is a global race under way for bitcoin.
The US should buy as much as possible.
The biggest risk is not owning any.
I explain on @YahooFinance yesterday. pic.twitter.com/QLMySTSSrS
— Anthony Pompliano 🌪 (@APompliano) November 16, 2024
Anthony Pompliano explained the essence of having the first pro-crypto president in winning the global race for Bitcoin.
Earlier in his campaign, Trump promised to make the U.S. the crypto capital of the world. The incoming president further said that he would ramp up BTC mining in the U.S. to ensure the country mined all BTC.
According to Pompliano, Trump will keep his promises to the crypto community. More importantly, the crypto entrepreneur believed that the incoming president would ensure that BTC was the country’s strategic reserve currency.
Pompliano also insisted that every government official should try to attain ‘as much BTC as possible onto the balance sheet.’
The investor pointed out the continued devaluation of the U.S. Dollar, reducing the purchasing power of consumers by 25% in the past 5 years. As such, Pompliano argued that an investment into Bitcoin would be a well-worth reward.
Expressing worry about the increasing national debt, which stood at $850 billion in the past 90 days, he added “The debt going into BTC investment would have been a better option.”
Many Americans still expect Trump to increase the national debt
3/10 A non-partisan analysis from the Committee for a Responsible Federal Budget shows that Trump's campaign proposals could raise the US national debt by $7.5 trillion, twice the $3.5 trillion increase expected from Kamala Harris's plans. pic.twitter.com/Uod99m0z6S
— Joni Askola (@joni_askola) November 2, 2024
Several polls have suggested that most Americans expect President-elect Donald Trump to increase the national debt during his term. However, most Republicans do not share the sentiment. Some still believe that the incoming president’s fiscal policies would tank the U.S. economy.
One X account, Republicans against Trump, shared a chart showing the low, moderate, and high expected debt increment from President-elect Donald Trump and former Vice President Kamala Harris. The chart was based on findings by the Committee for a Responsible Federal Budget, published on October 28.
The post revealed that Harris could have accumulated $0.30 trillion, $3.95 trillion, and $8.30 trillion in debt on the low, medium, and high end, respectively. On the other hand, Trump is likely to increase the national debt by $1.65 trillion, $7.75 trillion, and $15.55 trillion on the low, medium, and high end, respectively.
A Reuters poll also revealed similar sentiments: 62% of the respondents, including 34% of Republicans and 94% of Democrats, believe that Trump’s policies would drive the country into more debt.
