The founder of Pomp Investments said on CNBC's Squawk Box that Wall Street companies are taking decisive steps towards the crypto industry.
Anthony Pompliano backed up his findings with the success of the recent launch of Bitcoin spot ETFs, where several of the largest international investment funds BlackRock and Fidelity were able to raise $3 billion each in record time.. What was a historic event for exchange-traded funds.
The key argument in Pompliano's conclusions was the significant imbalance between supply in the Bitcoin market and 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 approximately $40-45 million. At the same time, the daily net inflow of funds into BTC-ETF is already equal to $500 million. This is a clear indicator of the BTC shortage and its bullish impact on the price of the cryptocurrency and the market as a whole,” Pompliano said..
The expert is optimistic about the future trajectory of the development of BTC and argues that if demand from Wall Street continues, especially taking into account the upcoming halving, the first cryptocurrency in terms of capitalization can significantly exceed its historical highs.
Previously, the co-founder of the investment company Mechanism Capital, Andrew Kang, said that, in his opinion, there is a significant amount of global wealth and income in the traditional financial market that can be redirected into bitcoins.