Anthony Pompliano has never been accused of underselling Bitcoin. But his latest appearance on CNBC took the pitch to a new level: he argued that Bitcoin has “no top” because the US dollar has “no bottom,” and that the cryptocurrency could eventually breach $1 million.
The ProCap Financial CEO made the remarks on May 28, framing Bitcoin’s long-term trajectory as a direct function of US monetary policy. His logic is straightforward. Politicians keep spending, the government keeps borrowing, and the dollar keeps losing purchasing power. Bitcoin, with its fixed supply of 21 million coins, just sits there appreciating by comparison.
The dollar devaluation thesis
Pompliano’s argument rests on a few key macroeconomic data points. The US national debt now stands at approximately $40 trillion. The dollar has lost roughly 30% of its purchasing power since 2020.
Pompliano put it bluntly back in February 2026: “If Bitcoin doesn’t go to $0, it’s going to a million at some point.”
ProCap is backing the thesis with its balance sheet
Talk is cheap in crypto. Balance sheets are not. ProCap Financial, which trades publicly under the ticker BRR following a SPAC merger in 2025, has been steadily accumulating Bitcoin as part of its corporate treasury strategy.
In early March 2026, the firm purchased 450 BTC, bringing its total holdings to 5,457 BTC. ProCap has also been executing share buybacks in 2026, a move that signals management believes the stock is undervalued relative to the Bitcoin sitting on its balance sheet. Pompliano himself has noted that Bitcoin-holding public companies may increasingly mirror each other’s treasury strategies, creating a feedback loop of institutional demand.
What this means for investors
Bitcoin’s role as an inflation hedge remains contested in academic circles. During 2022, it fell alongside risk assets while inflation ran hot, undermining the narrative temporarily.
Investors should watch a few things closely. First, the pace of ProCap’s accumulation and whether other public companies follow suit in the coming quarters. Second, the trajectory of the US national debt and any signals from the Federal Reserve on monetary policy direction. Third, Bitcoin’s behavior during periods of dollar strength versus dollar weakness, because if the correlation breaks down, so does a significant piece of Pompliano’s thesis.
The risk, of course, is that this is an echo chamber masquerading as analysis. A CEO who holds 5,457 BTC on his company’s balance sheet has every incentive to tell you Bitcoin is going to a million dollars. That doesn’t make him wrong. But it does mean his predictions come with a built-in conflict of interest that investors should weigh accordingly.