Professional Capital Management founder and CEO Anthony Pompliano says that Bitcoin (BTC) has become the “greatest show on Wall Street.”
In a new interview with CNBC’s Squawk Box, Pompliano gives three reasons why BTC is leading the crypto markets to new all-time highs.
“First of all, welcome to The Greatest Show on Wall Street. I think Wall Street’s full, undivided attention is now on Bitcoin. And really, there are three things that drove this move.
The first is that there have been record inflows into the ETFs (exchange-traded funds). Last Thursday alone saw $1.2 billion—the second-highest day ever. Those ETFs now collectively have over $140 billion. BlackRock’s fund alone is now almost $90 billion. In about a year, they went from not having a Bitcoin ETF to having one of the top 20 largest ETFs in the world. So there’s a lot of inflows there.
The second thing is that the options expired at the end of Q2. So all that downward pressure on Bitcoin went away. That helps—kind of like a beach ball being pushed underwater. Obviously, it can pop back up.
And then the third thing is that there were a lot of short sellers. You started to see that build up, and as they got blown out as Bitcoin ran, you entered this price discovery phase. If you go back to November, we went from $70,000 to $90,000 in about two to three weeks. And $70,000 was a new all-time high.”
While not giving explicit price targets, Pompliano says that BTC is in for a “big move” now that’s broken the previous all-time high of $110,000.
“Well, what we’re watching now is that we’ve broken through that $110,000 range, which was the previous all-time high. I don’t know if it goes to $140,000, but it sure is going to make a big move here—because we are in a true price discovery phase.”