Anthony Pompliano, Professional Capital Management founder and CEO, joins 'Squawk Box' to discuss the state of the crypto market, Wall Street's embrace of bitcoin, future of bitcoin adoption, and more.

New York

Bitcoin remains the leading cryptocurrency, with increasing adoption and attention from both investors and major financial institutions. While other digital assets like Ethereum and Solana have yet to reach new highs, Bitcoin has distinguished itself in terms of market cap and capital flows. Wall Street, once hesitant, is now embracing Bitcoin through various financial products such as ETFs and real estate funds, seeking to leverage its volatility and unique returns.

There is a growing conversation about public companies considering Bitcoin as a store of value, especially as the U.S. dollar has lost purchasing power in recent years. Some experts argue that holding Bitcoin could better protect shareholder value compared to traditional cash reserves. The discussion also highlights the potential for further institutional adoption and the possibility of government involvement in the future.

Bitcoin brings financial return in way Wall Street not used to seeing

Check out Bitcoin in the crypto markets right now. Joining us Anthony Pompliano, founder and CEO of Professional Capital Management. Each week there's more data points. It seemed to indicate just increasing adoption of not just Bitcoin but Ether and Ethereum suddenly has gotten a lot of attention as well. Is it made up some of the underperformance in recent months at this point. Look I think that Bitcoin has established itself as the king of the market. I don't think that's going to change anytime soon. And I actually think most of Wall Street's time and attention is on Bitcoin. There are other assets that from time to time start to get some capital flows. But if you look things like Ethereum Solana it's actually they still haven't set a new all time highs this summer. And so I think that Bitcoin has kind of broken away. Doesn't mean that some of these other assets may be in the future. Can't do that. But Bitcoin definitely continues to dominate the market both in terms of actual dominance of market cap but also I think just capital flows and time and attention. We've been having a lot of people on talk about stable coins. Yeah well the nice thing about stable coins is they don't go anywhere other than stay at one dollar. So you know they can grow in market cap size in terms of how many people are using them. But I don't think people really use stable coins as a comparison to Bitcoin or all coins where they're looking to try to drive some sort of financial performance. What type of. I hesitate to call it derivatives but there's there's a lot of different Bitcoin based products coming out at this point. What what do you think has staying power. Well if you really just look at what's happened over the last five to seven years is Bitcoin essentially went from a contrarian trade to a consensus trade. Everyone now for the most part is convinced that this thing is going to be around for a long time. And now what you see is Wall Street who really was kind of ignoring it or trying to stiff arm Bitcoin has now said wait a second let's open up the doors and let's embrace this thing because they figured out how to make money. And so you're seeing Bitcoin put into the Wall Street wrappers. First you saw it with the ETFs. Now you're seeing it with public companies. You also have heard people announce things like Bitcoin and real estate funds. I think you're going to continue to see Wall Street take Bitcoin and put in every single corner of the traditional financial system because ultimately Bitcoin brings volatility. Bitcoin brings financial return in a way that they're not used to seeing. And so I think that Bitcoin is something that is going to bring more customers more assets and more profits for these Wall Street institutions. And that's their job is to go figure out how to grow their business and Bitcoin can help them do. I mean how many strategy. And it used to be Microsoft. How many Treasury officials at different companies are thinking about somehow. Not doing exactly what strategy but putting Bitcoin into the trade. Is that. Yeah. Well look I think the bigger conversation here is there should be way more pressure on the public company CEOs who are leaving a very large portion of their economic value for their shareholders in dollars. U.S. dollars lost 30 percent of its purchasing power in the last five years or so since 2020. The S&P 500 denominated in Bitcoin is down 85 percent since 2020. Bitcoin is a much better store of value than U.S. dollars. I guess people would say are you out of your you know people that don't believe in the whole story of crypto and Bitcoin. Well the big I don't want my company speculating on it. And as a shareholder they would be petrified to have a large. Well from a big in Bitcoin from a big corners perspective we think that they are speculating on the U.S. dollar ability to store value. And so there is two things that have happened over the last 15 years as Bitcoin has increased the purchasing power of the people and the companies who hold it. The U.S. dollar has destroyed that purchasing power. And so again it goes back to the fact that if you are running a company and you have shareholders and your job is to protect the economic value of that business are you better off holding dollars for the next 10 years or putting it in Bitcoin. And I think what you're seeing is that this idea of storing corporate assets in Bitcoin again that is now a contrarian trade. I think it will become a consensus trade over time. What are you going to do with your blank check. You're looking around. So we have two different deals. We obviously have the SPAC the Procap Acquisition Corp. We're looking to buy a profitable company in the financial services sector. We think that there's a really big opportunity to go buy a great business that's profitable that's growing quickly that we can then use social media distribution to significantly enhance the business. And there's a lot of great companies that are out there and we're going to go try to find one of those and figure out if we can do a great deal that what you're spending all your time on right now. Well look I run a investment firm that's got a team. We do a lot of deals. We do things in the private market. We do things in the public market. We incubated businesses. We're trying to build a firm that understands kind of this intersection of the digital world or the Internet native world and traditional finance. And so far we've been able to put together a couple of deals I think are pretty interesting and we'll see how it goes. What's the next big big thing for move Bitcoin higher. Because it seems like you've gotten everything you wanted to have it in this point. Oh there's still a lot more that we're looking for. I think there's really three things that people are kind of paying attention to. The first is the United States government. At some point it's going now that they're buying Bitcoin. Creating the initial Bitcoin kind of strategic reserve and sitting the Bitcoin that we already had there was good. But that's kind of the not the main dish. The main dish is when they start buying. And I think that will happen at some point. The second thing I think you're going to see is you're going to see some of the last standing people on Wall Street capitulate. And so there's a couple of firms that continue to say hey we think that this is speculative. We think this isn't good enough for our clients. I think that they'll kind of eventually give up and wave the white flag. And then finally Andrew Ross Sorkin decides it. I think Andrew Ross Sorkin understand that I'm the very last. No. No I think that. Look there's a lot of folks who rightfully so historically have been. I think one time you and I talked in public and I said I put you in the category of you are cautiously optimistic. I think that's optimistic the whole time. And I think it's a I think it's a very fair position to take. But now I do think that it's transitioning been optimistic about Bitcoin the whole time. Cautiously go back and find the tape 2012 and 13. Go back when two years ago when it got down to twenty seven thousand you were saying it's not a store of value. And we say it's not a store of value. The entire ride up. But that's it. That's the difference than whether it's good trade. Go back and look at the tapes with with the Winklevoss twins. I was coming on this show. I was here 2012 13. Go look. Never really. What'd you say. You said go go go look. Just go look. You can go find the tape. OK.

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