Bitcoin Bull Anthony Pompliano Ponders Possible "Double Dip" Recession

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Anthony Pompliano, the popular crypto analyst and  who’s mostly known for his “Pomp Podcast” has as of late started a new program called “Lunch Money” together with Polina Marinova in which the two of them discuss the current state of business news coming in and the state of the cryptosphere.

Yesterday’s episode, lunch money #138 discussed a possible “double dip” recession, the investment of Square into Bitcoin and the presentation of the iPhone 12 by Apple.

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Double Dip or U-shape

The episode started off with the possibility being considered in the US that the economy could now face a double-dip recession after the election of November. Many market analysts believe that at Joe Biden (Democrats) win would come with a major selloff for the stock markets which have gone up under current President Donald Trump (Republican).

Jeff Schulze of ClearBridge Investments discusses the long-term prospects for the U.S. economy, and why he believes this is a “buy the dip” moment rather than the start of a double dip recession. https://t.co/Guzzr5wxmG pic.twitter.com/Vn6yhJlzKQ

— Horan & Associates Brokers Inc. (@BrokersHoran) October 14, 2020

There are two possible outcomes in this case: a prolonged slow economy or a so-called U-shape recovery, meaning a long period of slow growth followed by a pick-up. The second possibility is a “Double Dip” recession in a very short time period. In this case the stock market would tank like it did in March of this year (when Corona hit Europe) and more businesses would go bust and unemployment would go up.

Bullish Bitcoin sign

Over in the cryptosphere, JP Morgan called the investment of Square (the financial trading company of Twitter CEO Jack Dorsey) a very positive development as they are willing to let $50 million dollars in crypto investment sit on their balance sheet. It follows similar investments by Galaxy Digital and Microstrategy.