US May Start Buying Bitcoin Soon, Says Anthony Pompliano
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…
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