Bitcoin Holders Were Right Again as Economic Data Cracks Emerge
- Bitcoin holders were early in spotting flaws in U.S. economic data, with Pompliano calling them the first large-scale group to act on this insight.
- Skepticism grows around official economic stats, as even Treasury Secretary Scott Bessent admitted he doesnt trust government data.
- Bitcoin shows strength amid macro uncertainty, holding above $82K while equities stumble due to tariff fears.
Bitcoin holders may have been ahead of the curve again. According to crypto entrepreneur Anthony Pompliano, Bitcoin investors were the first to identify cracks in the United States official economic data and act accordingly. In an April 12 post on X, Pompliano claimed that Bitcoiners were the first large-scale group to recognize the economic data was wrong, and they figured out a way to financially capture upside if they were right.
Pomplianos comments tap into growing doubts over the reliability of U.S. inflation, employment, and GDP statistics data traditionally trusted by mainstream financial analysts. But as macroeconomic pressures increase due to former President Donald Trumps reintroduced tariffs, skepticism is mounting. The unspoken secret as to why so many finance folks are wrong in their analysis of the tariffs is because the finance folks believe the government data, Pompliano added.
In a March 20 LinkedIn post, Pompliano also spotlighted a revealing moment during U.S. Treasury Secretary Scott Bessents appearance on the All-In podcast. When asked directly whether he trusted the governments economic data, Bessent answered, No. For Pompliano and many in the crypto community, that was a watershed moment. Even the Treasury Secretary has now publicly acknowledged he doesnt believe the data, Pompliano wrote. He says we must listen to the people rather than blindly follow the government data reports.
Concerns about the accuracy of U.S. economic statistics arent new. A July 2024 report called for a re-evaluation of how data is collected and presented to ensure it remains trustworthy. But recent events, including market reactions to tariffs and volatility in the bond market have added urgency to the discussion.
Bitcoin Gains Strength While Equities Stumble
Meanwhile, Bitcoin continues to behave differently than traditional assets in this environment. On April 4, while U.S. equities stumbled amid tariff-related uncertainty, Bitcoin showed unexpected strength. The price remained steady above $82,000 and climbed to $84,720, despite broader market weakness. Historically, Bitcoin and crypto assets have shown higher volatility during economic stress, but the recent resilience could signal a shifting narrative.
Former BitMEX CEO Arthur Hayes even suggested that Bitcoin may be entering what he calls an up only mode. He argues that as confidence in traditional financial instruments declines, investors are increasingly turning to decentralized assets like Bitcoin as alternative stores of value.
Adding to this sentiment, Bitwise Invests Head of Alpha Strategies Jeff Parks stated on April 9 that there is a higher chance Bitcoin survives over the dollar in our lifetime after today. His remarks came as the U.S. Dollar Index (DXY) dropped 3.19% over five days, falling to 99.783, according to TradingView. This sharp decline contradicts predictions from several Wall Street analysts who believed Trumps tariffs would strengthen the dollar, as reported by the Wall Street Journal.
Pompliano summarized the situation bluntly: The mainstream finance conversation has become an intellectual boondoggle where most people regurgitate ill-informed takes based on bad data.
As confidence in government-issued economic data wanes even among high-level officials, Bitcoins value proposition appears stronger than ever. For early adopters and long-time holders, this moment could mark a validation of their strategy: skepticism, decentralization, and betting against a broken system.
Related | Ethereum Reclaims $1,574 Support, Eyes $1,810 as Next Resistance Level
Read more: https://www.tronweekly.com/bitcoin-holders-were-right-again-as-economic/
Text source: TronWeekly
