Pomp: Bitcoin Has Become Wall Street’s Favourite Asset

By Aaron Feuerstein February 14, 2024 In Bitcoin, Cryptocurrency
A Bitcoin ETF would track the price of Bitcoin. Image: Shutterstock.
  • Anthony Pompliano asserts that Wall Street has not only accepted but also developed a fondness for Bitcoin.
  • Pomp highlights the significant mismatch between the demand for Bitcoin and its limited daily supply.
  • This is based on inflows into funds vastly outstripping the amount of new Bitcoin entering the market.
  • While optimistic about Bitcoin’s long-term value growth, Pomp advises that future returns may not mirror the astronomical gains seen in its early years.

Does Wall Street Hate Bitcoin?

Anthony Pompliano, known to most in crypto simply as Pomp, is a regular on CNBC’s Squawk Box. In the most recent episode, he explained that he believes Wall Street has come to accept Bitcoin, based on recent record inflows into Spot Bitcoin ETFs.

Wall Street doesn’t just like Bitcoin, they love Bitcoin.

Anthony Pompliano

Lessons in Supply and Demand

Pomp sums up the numbers, highlighting that out of all the US-wide 5500 ETF launches, there has never been a fund seeing USD $3bn (AUD $4.6bn) in inflows in just the first 30 days. Pomp said what gets him even more excited than that is daily inflows, which have also just hit record numbers.

These funds are doing $500 million a day of net inflows, but there’s only 900 Bitcoin that’s actually coming into the daily incoming supply. So, when you look at it, that’s like 40 to $45 million, there’s 12.5X more demand for Bitcoin than what’s being produced on a daily basis.

Anthony Pompliano

Paired with a finite Bitcoin supply coming on the market daily and most of BTC in circulation not being moved, demand is just going to go up, according to Pomp.

Don’t Expect To See Gains Like in The Past, Pomp Says

But Pomp also urged some degree of caution, saying that investors should not expect Bitcoin to continue to give returns like in the early days. He added the days when you buy Bitcoin and then retire on it are in the past.


Co-host Andrew Sorkin asked if this means Pomp is not in the same camp as Ark Invest CEO Cathie Wood, who predicts Bitcoin could reach USD $500k to $1m. Pomp said

I mean, again, it depends on the timeline. So, if you’re saying it’s going to go from 50,000 to 500,000 which is 10X and that’s going to happen over the next 10 years, that’s not that crazy.

Anthony Pompliano

Pomp suggests that with the U.S. government’s interest payments on debt reaching what he describes as video game numbers, he argues that the relative worth of assets like Bitcoin is likely to escalate as the value of the currency they are measured against continues to decline.

Essentially, Pomp believes that in a context where the base currency is being devalued due to extensive money printing, the nominal values of assets, including Bitcoin, could see significant increases.

Aaron Feuerstein

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

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