Wall Street 'Loves Bitcoin,' Says Anthony Pompliano: All-Time High 'Pretty Much Guaranteed'
Portfolio Pulse from Murtuza Merchant
Anthony Pompliano of Pomp Investments highlighted the strong interest from institutional investors in Bitcoin, noting the significant achievements of the Blackrock iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC), which amassed $3 billion in AUM within 30 days. This demand is outpacing the daily production of Bitcoin by 12.5 times, pushing prices upward. Pompliano also mentioned that 80% of Bitcoin has not moved in six months, indicating a tight supply that, along with ETF activities, is absorbing a significant portion of the tradable Bitcoin.
February 12, 2024 | 7:30 pm
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POSITIVE IMPACT
Fidelity Wise Origin Bitcoin Fund (FBTC) also reached $3 billion in AUM within its first 30 days, underscoring the significant demand for Bitcoin among institutional investors.
Similar to IBIT, the success of FBTC in attracting $3 billion in AUM in a short period is a strong indicator of institutional interest in Bitcoin. This could lead to increased demand for FBTC shares and a positive outlook for its short-term performance.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
The Blackrock iShares Bitcoin Trust (IBIT) reached $3 billion in AUM within its first 30 days, indicating strong institutional interest in Bitcoin.
The rapid accumulation of assets under management (AUM) by IBIT reflects a high level of institutional interest and investment in Bitcoin, likely leading to increased investor confidence and potentially higher demand for IBIT shares in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90