Crypto
‘They’re Going To Print An Insane Amount’—U.S. Dollar Collapse Predicted To Spark A $1 Million Bitcoin Price Boom
Bitcoin has struggled to keep up with stock market gains over the last year, feeding fears that another bitcoin price crash could be looming.
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The bitcoin price’s 30% collapse over the last 12 months has led to billionaire Mark Cuban announcing a surprise bitcoin and crypto flip.
Now, as the White House reveals an imminent bitcoin price game-changer, a closely-watched bitcoin bull has outlined how U.S. dollar debasement could power a bitcoin price surge to $1 million.
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The bitcoin price has struggled as traders pile into artificial intelligence, though some are predicting a coming bitcoin price boom as the U.S. dollar is devalued.
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“Is the U.S. government going to stop printing money? I don’t think they are going to stop,” Anthony Pompliano, the chief executive of bitcoin treasury company ProCap Financial, said on CNBC. “That means that bitcoin will be back … bitcoin has no top because the dollar has no bottom.”
Despite the Trump administration’s Doge department of government efficiency trying to rein in U.S. spending through president Donald Trump’s first year back in the White House, the U.S. government continues to ramp up spending and money printing.
Tesla billionaire Elon Musk, recruited by Trump to lead the Doge team, dramatically exited the White House last year over a row about Trump’s signature tax and spending bill that Musk claimed would balloon the U.S. budget deficit to $2.5 trillion. Trump argued that the U.S had to spend its way out of its near-$40 trillion debt trap.
Over the last year, Federal Reserve’s balance sheet has grown to around $6.3 trillion while the M2 money supply has hit an all-time high of almost $22.7 trillion, mostly through banking system dynamics and government deficit spending.
U.S. debt has skyrocketed in recent years following huge government spending through the Covid-era and lockdowns, with interest rates that were rapidly hiked to rein in inflation adding to the cost of servicing the ballooning $39 trillion U.S. debt pile.
The gold price has doubled over the last two years, climbing alongside silver, as traders bet that continued inflation and Federal Reserve money printing will devalue and debase the U.S. dollar.
“We are in an era after the global financial crisis where the government is going to print an insane amount of money,” Pompliano said.
“Because the government continues to print money, these [non-productive assets like gold and bitcoin] are actually outperforming stocks,” Pompliano said, pointing to gold beating the S&P 500 over long time periods, and predicting the the bitcoin price will eventually hit $1 million, though declined to say when.
“Will bitcoin hit $1 million one day? Yes, absolutely. Picking price is the easy part, the timeline is the hard part.”
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The bitcoin price has dropped sharply from its peak of $126,000 per bitcoin in October last year.
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Fears over the future of the U.S. dollar have climbed in recent years, with legendary billionaire Ray Dalio warning the dollar is teetering on the brink of collapse.
A future “financial crisis will mean that the capacity to spend will be very limited,” Dalio said when asked if the economy is headed for “crisis and collapse,” adding he doesn’t “think any of the fiat currencies will be effective store holds of wealth.”
Dalio’s warning came as analysts with Wall Street giant JPMorgan see “the debasement trade [rotating] from gold to bitcoin.”
In a note seen by The Block, JPMorgan analysts led by managing director Nikolaos Panigirtzoglou said they’re seeing bitcoin, sometimes called “digital gold” due to its capped supply and immutable nature, gaining over gold as the debasement trade after the Iran conflict, as bitcoin exchange-traded funds (ETFs) inflows outpace gold ETFs.