Renowned professional fund manager Larry Leppard has identified ongoing developments that could lead to a significant price increase for Bitcoin.
The Fed is expanding its balance sheet
Leppard said recent activity within the US Federal Reserve points to balance sheet expansion that could directly impact risk assets, particularly Bitcoin. Leopard believes that future events could cause Bitcoin’s price to rise three times from current levels.
related: Bitcoin price prediction: BTC maintains bullish bias despite slowing momentum
Leppard said on the podcast that the Federal Reserve implemented quantitative easing (QE) in the final quarter of 2025, calling it “reserve management.” He noted that the actions of financial regulators have ultimately led to balance sheet expansion, leading to what renowned American microeconomist Lynn Alden has referred to as entering an era of “gradual print.”
What is “staged printing”?
Alden suggested on Gradual Print that the Federal Reserve may not undertake fundamental, large-scale fiscal reform. Instead, we perform gradual additions of liquidity surplus to keep the system running.
For context, “stage printing” is a phrase often used by financial analysts to describe the subtle and continuous injection of liquidity into an ecosystem by central banks. Banks typically do this in response to systemic stress, instead of adopting the usual explicit stimulus programs such as quantitative easing.
Alden’s position on the ongoing financial situation with the Federal Reserve is that apex banks are being forced to incrementally expand their balance sheets to support ongoing government deficits and prevent a liquidity crisis. He believes that liquidity injections are needed for both the Treasury market and the repo market to function.
What does this mean for Bitcoin?
Historically, the expansion of short-term money markets through liquidity injections has repeatedly led to a boost in the crypto market. Therefore, considering the current scenario, Leppard expressed optimism. Based on his predictions, the price of Bitcoin will double or triple as the situation develops.
related: Arthur Hayes: “China’s quantitative easing will cause Bitcoin prices to soar”
At the time of writing, BTC was trading at $90,520, according to TradingView data, and Leppard’s predictions suggest the pioneering cryptocurrency’s price could rise to around $200,000 as a result of the Fed’s actions under the current regime.
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