Esteemed fund manager Larry Lepard has highlighted a current trend that might trigger a substantial surge in Bitcoin’s value.
The Federal Reserve’s Balance Sheet is Growing
Lepard points out that recent moves by the US Federal Reserve suggest an expansion of its balance sheet, which could directly influence risk assets like Bitcoin. He anticipates this development could potentially triple Bitcoin’s price from where it stands today.
Related: Bitcoin Price Outlook: BTC Remains Bullish Despite Waning Momentum
During a podcast discussion, Lepard mentioned that the Federal Reserve initiated Quantitative Easing (QE) in late 2025, describing it as “Reserve Management.” He emphasized that these actions have led to an increase in the Fed’s balance sheet size—a phase American microeconomist Lyn Alden terms as entering the “Gradual Print” period.
Understanding “Gradual Print”
The term “Gradual Print,” as used by Alden, refers to the Fed avoiding abrupt and large-scale fiscal interventions. Instead, it opts for steady and incremental liquidity injections designed to maintain system stability.
This concept typically describes how central banks subtly infuse liquidity into financial markets over time rather than deploying overt stimulus programs like traditional QE. Such measures usually respond to systemic pressures within the economy.
Alden argues that due to ongoing government deficits and potential liquidity challenges, the Federal Reserve is compelled toward this gradual balance sheet expansion. She notes both US Treasury operations and Repo markets rely heavily on these liquidity supports for smooth functioning.
Implications for Bitcoin Investors
Historically speaking, increased money supply through liquidity injections has often correlated with bullish trends in cryptocurrency markets. This historical pattern underpins Lepard’s optimistic outlook amid current developments. He forecasts Bitcoin prices may double or even triple given these circumstances.
Related: Arthur Hayes Predicts China's Quantitative Easing Will Propel Bitcoin Prices Upward
At present, with BTC valued around $90,520 according to TradingView data at writing time, Lepard envisions its price climbing close to $200,000 driven by ongoing Fed policies under this framework.
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