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Anthony Pompliano, a venture investor and the CEO of ProCap, visited CNBC’s Squawk Box to talk about Bitcoin and its current position on the market, also mentioning altcoins and stablecoins.
Pompliano (often referred to as “Pomp”) believes that at some point in the near future, the U.S. government is going to start buying Bitcoin.
Bitcoin has established itself as king of market: Pompliano
First of all, when Joe Kernen, the CNBC host, asked Pompliano about not only Bitcoin but also about Ethereum getting a lot of attention and inflows recently. Pomp stated that Bitcoin has established itself as the king of the market, and it is unlikely to change any time soon.
“Actually,” he said, “most Wall Street’s time and attention is on Bitcoin” and not Ethereum or any other large-cap altcoin. Pompliano pointed out that even though Ethereum and Solana have also been receiving some inflows recently, they have not established new all-time highs, unlike BTC. Therefore, Bitcoin has broken away from the rest of the cryptocurrency market. He admitted that, in the future, some other cryptos can also reach new price peaks, but so far, he said, Bitcoin continues to dominate the market in terms of market cap growth, inflows and overall investor attention.
Responding to another question about stablecoins, since there has been a lot of talk about them recently, Pomp said that these assets cannot go any further than just $1. They can grow in market cap in terms of more people using them, but he pointed out that they will hardly rely on them in terms of financial performance, unlike with BTC.
U.S. government to start acquiring Bitcoin at some point, Pomp says
Pomp’s statement about him expecting the U.S. government was made in answer to a question as to what will be the next big thing to move the Bitcoin price higher from where it is now. Thus, the U.S. government announcing it is buying BTC for the Strategic Bitcoin Reserve would be one of those, per Pomp. He referred to this as “the main dish.”
The second thing here is that the last Wall Street companies that have been hesitating whether to buy BTC or not will capitulate. The third driver would be that people who are “cautiously optimistic” about BTC would transition to being “optimistic.”
Vladislav Sopov
U.Today Editorial Team