Anthony Pompliano: "Bitcoin has become Wall Street's favorite asset"

The founder of Pomp Investments said on the broadcast of Squawk Box on CNBC that Wall Street companies are taking decisive steps towards the crypto industry.

Anthony Pompliano: "Bitcoin has become Wall Street's favorite asset"

Anthony Pompliano backed up his findings with the success of the recent launch of spot ETFs for bitcoin, when several of the largest international investment funds BlackRock and Fidelity were able to raise $3 billion each in record time. Which was a historic event for exchange-traded funds.

The key argument in Pompliano's conclusions was the significant imbalance between the supply in the bitcoin market and the demand from Wall Street companies investing in BTC using spot exchange-traded funds.

"Wall Street doesn't just love Bitcoin. They have an active love affair. The daily supply of bitcoins to the funds is limited to only 900 BTC, which corresponds to about $40-45 million. At the same time, the daily net inflow of funds into the BTC-ETF already amounts to $500 million. This is a clear indicator of the shortage of BTC and its bullish impact on the price of cryptocurrency and the market as a whole," said Pompliano.

The expert optimistically assesses the future trajectory of the development of the military-technical complex and argues that with continued demand from Wall Street, especially given the upcoming halving, the first cryptocurrency in terms of capitalization can significantly exceed its historical highs.


Read More