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.
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.
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.”
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.
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.
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.
