Bitcoiners were first to realize US economic data ‘was wrong’

Bitcoin (BTC) holders were the first to point out flaws in the United States economic data and position themselves for the potential upside, says crypto entrepreneur Anthony Pompliano.

“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,” Pompliano said in an April 12 X post.

Pompliano foresees more will realize data is “inaccurate”

“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,” he added.

Amid the widespread uncertainty and ongoing fear over US President Donald Trump’s imposed tariffs, Pompliano questioned the accuracy of US inflation figures, job numbers, and GDP statistics. He added that “eventually everyone else will realize the data is inaccurate.”

It comes after Pompliano pointed out in a March 20 LinkedIn post, US Treasury Secretary Scott Bessent’s appearance on the All-In podcast, where Bessent was asked directly if he trusted the data — and replied, “no.”

“Even the Treasury Secretary has now publicly acknowledged he doesn’t believe the data. He says we must listen to the people rather than blindly follow the government data reports.”

Concerns about the reliability of US economic data have been brewing for a while. A July 2024 report argued that new approaches are needed to “ensure government statistics remain dependable.”

United States, Data — *Source:* *Anthony Pompliano*

It comes as ongoing concerns over Trump’s imposed tariffs have led some crypto analysts to reinforce the idea that Bitcoin could outlast the US dollar in the long run.

Bitwise Invest head of alpha strategies Jeff Parks said on April 9 that there is a “higher chance Bitcoin survives over the dollar in our lifetime after today.”

Over the past five days, the US dollar index (DXY) has dropped 3.19%, currently sitting at 99.783 at the time of publication, according to TradingView data.

Several Wall Street analysts were under the belief that Trump’s imposed tariffs would bolster the US dollar, according to a recent Wall Street Journal report.

Pompliano said, “The mainstream finance conversation has become an intellectual boondoggle where most people regurgitate ill-informed takes based on bad data.”

Analysts recently pointed out Bitcoin’s recent breakaway from stocks

Meanwhile, analysts recently pointed out that while the stock market was “tanking” on April 4 amid tariff uncertainty, Bitcoin didn’t decline as much as expected. During periods of macroeconomic uncertainty, Bitcoin and crypto assets have historically been more volatile than the stock market.

On April 4, Cointelegraph reported that Bitcoin was steady above the $82,000 level, and as US equities markets collapsed, Bitcoin rallied to $84,720, reflecting price action, which is uncharacteristic of the norm.

Meanwhile, former BitMEX CEO Arthur Hayes said Bitcoin may be entering what he calls “up only mode,” as a deepening crisis in the US bond market potentially drives investors away from traditional haven assets and toward alternative stores of value.

Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research