Janet Yellen is Bullish for Bitcoin, Macro Investor Explains Why

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Bitcoin rallied to over $19,000 in the same week that saw President-elect Joe Biden’s decision to appoint Keynesian economist Jenet Yellen as the next US Treasury Secretary.

Anthony Pompliano, the co-founder/partner at New York-based Morgan Creek Digital Assets, noted that Ms. Yellen’s economic management style complements Bitcoin’s bullish case. In his note to investors published Tuesday, the macro analyst said the former Federal Reserve Chairman has a tolerance for bubbles and inflation.

“Janet Yellen is likely to be Bitcoin’s greatest ally over the coming 4-8 years,” explained Mr. Pompliano. “She has never seen an opportunity to print money that she didn’t like. She has never seen a situation of high inflation that scared her.”

He cited Ms. Yallen’s decision in the years that led to the collapse of the housing market in 2008. She argued against deflating the bubble, believing that the US economy was ready to absorb the shock should it bursts. Meanwhile, she also favored using the Federal Reserve’s power to reduce unemployment, iterating her strong appetite for inflation.

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Bitcoin is up by more than 350 percent from its mid-March nadir….

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