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Overall, Pompano's perspective offers a nuanced view of the crypto landscape and the potential implications of the new administration's policies. While he remains optimistic about Bitcoin's prospects, he acknowledges the challenges and uncertainties that lie ahead in navigating the intersection of politics, regulation, and the economy.
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The Crypto Landscape Under the New Administration
A Positive Outlook for Bitcoin
Even in the face of crypto's volatility, Anthony Pompano, founder and CEO of Professional Capital Management, maintains a positive outlook. He expects Bitcoin to reach new all-time highs, noting that the election of a "Bitcoin president" in Donald Trump could be a significant tailwind for the cryptocurrency.
Pompano believes Trump's pro-Bitcoin stance, and the influence of people like Bitcoin Magazine CEO David Bailey, could lead to policies that protect and even embrace Bitcoin. This could trigger a "global game theory" where other countries are compelled to respond by adding Bitcoin to their reserves, similar to how central banks have been major buyers of gold.
Regulatory Changes on the Horizon
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Pompano is confident that the incoming administration will bring significant changes to financial regulation, particularly with the departure of SEC Commissioner Gary Gensler. He expects a "house cleaning" across regulatory bodies, which could have implications for the crypto industry.
Economic Expectations and Challenges
Pompano is optimistic about the potential for economic growth under the new administration, citing the business-friendly approach and plans to cut taxes and reduce the deficit. However, he acknowledges the complexity of balancing these goals with controlling inflation, which has spiked during the Biden administration.
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The role of the Federal Reserve and its independence in monetary policy is a key concern. Pompano notes the tension between the president's desire to be more involved in monetary decisions and the Fed's traditional independence. He suggests that the bond market may be a more significant force in shaping economic policy than the Fed or the administration.
The Importance of Local Governance
Pompano emphasizes that for many Americans, the decisions made by local governments, such as city councils, may be more impactful than those made at the federal level. He suggests that the Federal Reserve chair may be more important for investment portfolios than the president, highlighting the complexity of economic policymaking.
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