Bitcoin Braced For A Surprise $22 Trillion Fed Price Earthquake
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The bitcoin price is up almost double from July last year, with predictions of 'trillions and trillions' of dollars still on the sidelines helping to fuel sky-high bitcoin price bets.
Now, as a "huge" BlackRock crypto market bombshell suddenly appears on the horizon, the U.S. M2 money supply has hit a record $22 trillion—named by analysts as a potential catalyst for a bitcoin price breakout.
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U.S. Federal Reserve chair Jerome Powell has said interest rates would have come down this year if ... More not for Donald Trump's global trade tariffs—something that some think could further boost the bitcoin price.
"As M2 money supply begins to rise again, history suggests that a portion of this liquidity will flow into bitcoin and other digital assets," Matt Mena, crypto research strategist at 21Shares, said in emailed comments.
Historically, the bitcoin price has tracked the M2 money supply, which is the Federal Reserve's estimate of liquid assets, including cash, money deposited in checking accounts, savings accounts, and other short-term saving vehicles such as money market funds.
"If bitcoin continues to follow money supply growth, we could see $150,000 per coin before year end," Anthony 'Pomp' Pompliano, a crypto influencer who's set to lead a new bitcoin acquisition company, wrote in an emailed note.
The increase in the M2 money supply comes as Fed chair Jerome Powell continues to argue the case for keeping interest rates on hold.
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The bitcoin price has shot higher over the last few years, climbing alongside the U.S. M2 money ... More supply.
'In effect we went on hold when we saw the size of the tariffs," Powell said this week during a conference panel discussion, it was reported by The Guardian newspaper, referring to Trump's Liberation Day of trade tariffs that sent shockwaves through the global economy.
"Essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs. We didn't overreact, in fact we didn't react at all. We're simply taking some time.'
Last month, the Fed kept interest rates on hold again after kicking of a reduction cycle in September, despite a growing number of Fed officials arguing for rate cuts.
'It's clear that the Fed expects inflation to continue above target,' David Morrison, senior market analyst at Trade Nation, said in emailed comments. 'That being the case, it sounds as if the Fed will only cut rates if the U.S. employment situation deteriorates significantly.'
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