Inflation, Pompliano’s tweet and the US economy

Joe Pompliano tweeted yet another tirade against the actions of the US government in response to what is currently the hottest topic: inflation.

Pompliano’s tweet against inflation

His tweet reads:

“The government printed trillions of dollars during the pandemic, increased the money supply by 30%, drove the wealth inequality gap to levels we haven’t seen in 50+ years & reduced your purchasing power by at least 6.2% year-over-year”.

We are not surprised by the phrases that aim to give food for thought to the community of users who now follow the Pompliano brothers in large numbers. Anthony, the founder of Morgan Creek Digital Assets has often shielded himself with the cryptocurrency line in the face of state decisions. 

Joe Biden has to contend not only with those who seek to bring new investment themes to light, but with a double-bind of ideologies.

Miami vs New York

A few days ago, the brother of Anthony Pompliano again hinted on Twitter at a possible opening to Bitcoin by the new mayor of New York. He openly asked for a virtual bet on two newly elected mayors, Suarez and Adams, respectively from Miami and New York City. 

Adams’ choice to ask for the first salary payments in Bitcoin seems to have been a more than provocative response to Pompliano’s Tweet. Suarez himself recalled that in August he had contributed to the creation of a cryptocurrency called MiamiCoin, with the intention of shifting attention to the crypto reality of the city.

The cryptocurrency inaugurated by Suarez is managed by a non-profit association, CityCoins. Mayor Adams agreed with Suarez on this line, proposing to do something similar for New York.

The words of Joe Pompliano echo a wave of collective concern about America’s post-pandemic economic future.

Adams’ request to have his salary paid in Bitcoin via a bank account is a provocation directed at the government. In fact, in America, there are no bank accounts capable of supporting code-related transactions.   

In addition, the volatility of Bitcoin would require a continuous revaluation of the paid salary.

An economic reality at risk

The Pompliano brothers are something of a media touchstone in America, especially when it comes to cryptocurrencies. Anthony, in all his shows and tweets he tries to bring his input to Bitcoin, this is not always the approach he takes. His ups and downs on the analysis of the decentralized asset and the volumes touched by the crypto world often fall victim to the same volatility.

Many users responded to this latest tweet with a drastic realization. The US economy is at risk, but there are many people losing their jobs on a daily basis who do not see cryptocurrencies as a real possibility of making money.

In order to have investment power, one must have at least marginal capital. Pompliano is critical without taking into account the real phase of economic decline that is affecting many social layers in the US.