Wall Street is going all in on Bitcoin, buying it up way faster than it’s being made, says expert Anthony Pompliano. This crazy buying spree shows that big investors really believe in Bitcoin’s future. They’re getting more and more convinced, especially with the upcoming “halving” and the green light for ETFs.
Think of it like printing money, then suddenly printing half as much. That’s what happens with Bitcoin’s halving, set for April 2024. Every four years, the reward for making new Bitcoins gets cut, making less and less of them until there’s a total of 21 million. This makes Bitcoin even more attractive to big players, who expect the demand to shoot up as there’s less and less to go around.
Anthony Pompliano recently talked about how Wall Street is super excited about Bitcoin on CNBC’s Squawk Box. He said they “love” Bitcoin and are buying up way more than what’s being made every day.
Right now, Bitcoin’s price is at $49,906, which is up by 3.7% in the last 24 hours and a whopping 16.5% over the past week, according to data from Coingecko.
The arrival of Bitcoin ETFs earlier this year was a game-changer. These ETFs make it easy for regular investors to get into Bitcoin without actually buying it themselves. Companies like Grayscale, BlackRock, and Fidelity have been stocking up, owning a huge chunk of the total Bitcoin supply, with Grayscale leading the pack at over 475,000 Bitcoins.
And it’s not just ETFs. Investment firms like ARK Invest and VanEck are getting in on the action too, gathering up over 174,000 Bitcoins combined. Together, these purchases make up nearly 1% of all the Bitcoins out there, which is a pretty big deal considering how scarce Bitcoin is.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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