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BTC Bitcoin exceeded the $80,000 mark on August 25 after the U.S. Treasury Department announced that it would double its purchases of long-term treasury bonds. Anthony Pomplano, CEO of Professional Capital Management, clearly stated his views in an interview that day.
"In the short term, the Treasury Department's hints that they will step in and double down on their purchases of long-term Treasuries and bonds remind us that the U.S. government will never stop printing money. As long as they continue to print money, Bitcoin will rise." Pomplano said.
Structural arguments
He then posted on social media: "The Ministry of Finance has just reminded everyone that the printing press will never turn off. Bitcoin reacted violently to this, now reaching US$80,000 each. There is no upper limit for Bitcoin because there is no lower limit for the dollar." Pomplano described a broader trend he called the "era of abundance," arguing that artificial intelligence is producing an abundance of intelligence and government policies are producing an abundance of dollars. He concluded that in this environment, scarcity becomes a premium, and Bitcoin is one of the world's scarcest assets, with a hard cap of 21 million.
Pompeiano's previous position
This is not a new view. Pompeliano has previously said he is willing to bet on Washington's "stupid" behavior-continuing to print money, and therefore insists on a long-term price target of $1 million for Bitcoin. He also said last month that Bitcoin did not need the Clarification Act to hit a record high and believed it already had a clearer regulatory environment than any other digital asset.
As of press time, Bitcoin was trading at approximately US$78,015, down approximately 1.4% in the past 24 hours from hitting US$80,000 on August 25.
