Wall Street Buying 12X Bitcoin Supply Above Production

According to Anthony Pompliano speaking on CNBC, Wall Street is like an old lady to Bitcoin as she only sees the bright side. He said “Wall Street loves Bitcoin and they are buying 12.5 times more Bitcoin per day than the network can produce.”

Wall Street LOVES bitcoin.

They are buying up 12.5x more bitcoin per day than the network can produce.

The march to a new all-time high is underway if this continues.

I explain this on my segment with @SquawkCNBC this morning. pic.twitter.com/0zRc3RQ4hY
— Anthony Pompliano 🌪 (@APompliano) February 12, 2024

This comes even before Bitcoin’s halving in April that reduces newly issued coins in half. In addition, this could further tighten the supply.

Also Read: Bitcoin Bulls Step Back as Price Nears $49,000 Peak

The decline in Bitcoin price in January 2024 was after the introduction of Bitcoin ETFs, but major players like Grayscale, BlackRock and Fidelity have been buying Bitcoin instead. They now possess almost one percent of the complete stock.

The combination of these shopping sprees, shortage of Bitcoin and the growing institutional interest is what makes analysts like Pompliano predict record-breaking prices of the very first cryptocurrency.

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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