Anthony Pompliano: “Bitcoin has become Wall Street’s favorite asset”

According to the founder of Pomp Investments, Wall Street firms are actively embracing the cryptocurrency industry, marking a significant shift in their approach.

Anthony Pompliano highlighted the recent success of Bitcoin spot ETFs, citing major players like BlackRock and Fidelity raising a staggering $3 billion each. This remarkable feat has set a new record for exchange-traded funds.

Pompliano’s argument revolves around the notable disparity between the Bitcoin market’s supply and Wall Street’s demand for BTC through spot exchange-traded funds.

“Wall Street’s infatuation with Bitcoin is undeniable. The daily supply of bitcoins available to funds is limited to just 900 BTC, equivalent to approximately $40-45 million. Yet, the daily net inflow of funds into BTC-ETF already stands at $500 million. This clear indication of the BTC shortage has a bullish impact on its price and the overall market,” expressed Pompliano.

The expert holds an optimistic view regarding BTC’s future trajectory, asserting that if Wall Street’s demand persists, especially with the upcoming halving, the leading cryptocurrency in terms of market capitalization could easily surpass its historical highs.

Previously, Andrew Kang, co-founder of Mechanism Capital, stated his belief that a substantial portion of global wealth and income within the traditional financial market could be directed towards Bitcoin.