On Monday, Anthony Pompliano, founder and CEO of Professional Capital Management, discussed the state of the crypto market, Wall Street’s growing interest and adoption of Bitcoin (BTC), and some of the events to look forward to.
Wall Street’s Eyes On Bitcoin
In an interview with CNBC’s Squawk Box, Anthony Pompliano praised the flagship cryptocurrency, affirming that Bitcoin has established itself as the “king of the market,” which won’t change anytime soon.
The CEO asserted that most of Wall Street’s time and attention is on BTC, as it has “kind of broken away,” while other assets, like Ethereum, have yet to set a new all-time high (ATH) this cycle.
He explained that BTC’s current leading status “doesn’t mean that some of these other assets, maybe, in the future, can’t do that,” but noted that BTC continues to dominate the market in market capitalization, capital flow, and attention.
Pompliano highlighted that over the past five to seven years, BTC has gone from “a contrarian trade to a consensus trade,” where everyone is convinced that the leading cryptocurrency will be “around for a long time.”
Therefore, “Wall Street, who really was kind of ignoring it or trying to stiff-arm Bitcoin, has now said, wait a second, let’s open up the doors and let’s embrace this thing because they figured out how to make money.”
He noted that the flagship crypto has been “put into Wall Street wrappers,” like spot exchange-traded funds (ETFs), public companies, and real estate funds, which is a trend that will likely continue in the future as it will bring more customers and more profits for these institutions.
I think you’re going to continue to see Wall Street take Bitcoin and put it in every single corner of the traditional financial system, because ultimately, Bitcoin brings volatility. Bitcoin brings financial return in a way that they’re not used to seeing.
BTC’s Next Big Thing
When asked about the “next big thing” for Bitcoin, Pompliano stated that there are some key factors that people will be paying attention to in the future. One of them will be the US government’s potential announcement of a BTC purchase.
“The United States government at some point is going to announce that they’re buying bitcoin,” he affirmed. The CEO explained that creating the initial Strategic BTC Reserve (SBR) with the assets that the government already had “was good,” but was never “the main dish.” To him, “the main dish” will be the US government buying BTC, which he thinks “will happen at some point.”
Notably, US President Donald Trump signed an executive order on March 6 to officially create a Strategic BTC Reserve and a Digital Asset Stockpile, funded by crypto seized from government criminal and civil forfeiture proceedings. Since then, the government has been exploring “budget-neutral” mechanisms to acquire the flagship crypto.
In March, Republican Senator Cynthia Lummis reintroduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act, originally introduced on July 31, 2024, to establish “a strategic Bitcoin reserve to serve as an additional store of value to bolster America’s balance sheet and ensure the transparent management of Bitcoin holdings of the federal government.”
The bill aims to implement a BTC Purchase Program to buy around 5% of the total BTC supply, or 1 million BTC, over 5 years, mirroring the “size and scope” of the US gold reserves. The legislation proposes a hold period of at least 20 years for the BTC acquired under the purchase program.
Pompliano also named Wall Street’s “white flag” moment as another event that investors will look forward to. He forecasted that one of the things we are “going to see is some of the last standing people on Wall Street capitulate,” with a couple of firms continuing to say that BTC is speculative, before they “eventually give up and wave the white flag,” he concluded.
