Anthony Pompiano: “Wall Street LOVES Bitcoin!”

Anthony Pompliano, a well-known Bitcoin advocate and podcast/YouTube host, shared some striking data on CNBC’s Squawk Box about Wall Street’s investment pace in Bitcoin. He pointed out that the rate at which Wall Street firms are purchasing Bitcoin far exceeds the cryptocurrency’s daily production. “Wall Street LOVES bitcoin. They are buying up 12.5x more bitcoin per day than the network can produce,” said Pompliano.

This surge in institutional demand comes as Bitcoin gears up for its halving event in mid-April, an occurrence that will cut the creation of new Bitcoin in half. This event is closely watched as it historically tightens the supply-demand ratio, possibly leading to price increases.

Despite the anticipated bullish sentiment, the introduction of the first batch of spot Bitcoin ETFs in the United States by the SEC in early 2024 saw Bitcoin’s price unexpectedly drop by 20% in January. However, this price dip didn’t deter ETF providers. They seized the opportunity to increase their Bitcoin inventories at lower prices. Grayscale currently holds the lead with an impressive stash of over 475,000 BTC, while BlackRock and Fidelity have also expanded their Bitcoin portfolios, holding more than 70,000 and 60,000 BTC, respectively.