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The Rise of Bitcoin and the Devaluation of the Dollar
The Bullish Case for Bitcoin Under a Pro-Bitcoin President
According to Anthony Pano, the founder and CEO of Professional Capital, the incoming Biden administration's stance on Bitcoin is a positive development for the cryptocurrency. Pano believes that President-elect Biden is "pro-Bitcoin" and will work to protect the rights of Bitcoin holders.
Pano suggests that Biden, who is known for his focus on the stock market and asset prices, is likely to view Bitcoin favorably. He even speculates that Biden may establish a "strategic reserve of Bitcoin" for the United States, which would further drive demand for the asset.
The Race Between Bitcoin and the National Debt
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Pano argues that Bitcoin is serving as a "global alarm system," highlighting the rapid growth of the national debt. Over the past three months, the U.S. government has added $850 billion to the national debt, while Bitcoin has surged by over 40% during the same period.
This race between the skyrocketing national debt and the rising price of Bitcoin is a key factor driving the cryptocurrency's growth. Pano believes that Bitcoin will continue to appreciate, potentially reaching $1 million per coin within our lifetime, as a finite asset with increasing adoption in an environment of dollar devaluation.
The Disconnect Between Official Inflation Rates and Everyday Expenses
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Pano also points to the growing disconnect between the official Consumer Price Index (CPI) inflation rate and the real-world experiences of consumers. He argues that the younger generation no longer trusts the CPI numbers, as their daily expenses, such as grocery bills, suggest much higher rates of inflation than the reported 2.4%.
Pano suggests that the incoming administration could make a significant impact by overhauling the Bureau of Labor Statistics (BLS) and the methodology used to calculate inflation. Obtaining more accurate inflation data could lead to better-informed monetary policy decisions.
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Overall, Pano's analysis paints a bullish picture for Bitcoin, driven by a pro-Bitcoin president, the race against the growing national debt, and the potential for a more transparent and accurate measure of inflation. As the cryptocurrency continues to gain mainstream adoption, Pano's prediction of Bitcoin reaching $1 million per coin within our lifetime may not be as far-fetched as it once seemed.