Raoul Pal: "Bitcoin's Price Movement is Fundamentally Linked to M2 Money Supply"
Famous economist and investor Raoul Pal stated that Bitcoin's price performance in recent years can largely be explained by changes in global M2 money supply. According to Pal, 89% of the fluctuations in Bitcoin's price are directly related to M2 increases, which means that all other news flows are merely 'noise'.
Pal presented a graph in his sharing on the Real Vision platform, showing that the price increases experienced since 2023 have almost entirely paralleled the rise in global liquidity (i.e., the injection of trillions of dollars into the market). According to him, this reveals that Bitcoin is closely related to one of the macroeconomic magnitudes, money supply. In this context, Pal commented that 'almost all news and narratives are just background noise.'
Pal also argues that Bitcoin systematically reduces the value of the US dollar.
Pompliano: "Bitcoin Could Be Next-Gen Bonds"
On the other hand, Bitcoin supporter and investor Anthony Pompliano stated that Bitcoin should be considered as 'new bonds'. In a statement he made on X, Pompliano said that if this perspective is adopted, Bitcoin's economic role will become clearer. This approach aligns with the 'BitBonds' idea previously expressed by Forbes.
In Forbes' analysis, it is argued that Bitcoin-backed bonds could be issued with lower interest costs due to the fixed supply of 21 million. It is also suggested that this system could add a new level of reserve reliability to US bonds.
Strategic Bitcoin Reserve on the Agenda
Another development echoed by these ideas is the 'Strategic Bitcoin Reserve' proposal brought up by former US President Donald Trump. Trump stated that he might sign an executive order to recognize Bitcoin as a national reserve asset. It is said that this reserve could cover approximately 200,000 BTC seized from illegal activities in previous years and held by the US government.
Bitcoin Fluctuates Amid Geopolitical Tensions
Over the weekend, due to the impact of tensions in the Middle East, the price of Bitcoin briefly fell from $108,000 to $103,000. Following a subsequent recovery, Bitcoin rose again to around $105,000, continuing its volatile course under the shadow of uncertainty.
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