Bitcoin's "Coming of Age": Wall Street Changes the Game, End of the Boom Era

ProCap Chairman Anthony Pompliano’s recent remarks struck a chord with many Bitcoin investors. He pointed out that the entry of Wall Street has changed the game for Bitcoin, and the kind of 80%+ annual compound growth seen in the past decade is unlikely to recur in the next ten years. This is not pessimism; rather, it describes Bitcoin’s evolution from a high-risk asset to a mature asset.

What Wall Street Has Changed

Structural shifts brought by institutionalization

As Bitcoin is integrated into the traditional financial system, early holders are beginning to exit. This process is essentially a transfer of wealth from pioneers to later adopters, but more importantly, the market structure of Bitcoin has undergone a fundamental change.

Bitcoin is no longer a niche asset. According to the latest data, Bitcoin’s market capitalization has reached $1.84 trillion, accounting for 58.34% of the entire cryptocurrency market. What does this mean? It means Bitcoin has become an asset class that cannot be ignored within the global financial system.

The cost of risk reduction

The key insight Pompliano highlights is: reducing risk inevitably leads to lower returns. This is a basic principle of financial markets. From a historical perspective, Bitcoin’s performance over the past:

• 10-year compound annual growth rate: 70%
• 3-year increase: nearly 300%
• 2-year increase: 100%

What are the expectations for the future? While Bitcoin is expected to continue outperforming stock indices over the next decade, it will no longer see the hundredfold or thousandfold growth of the past. This may sound like bad news, but in reality, it reflects market rationalization.

Looking at it from another angle

The true meaning of decentralization

Interestingly, Pompliano also emphasizes that Bitcoin’s decentralization now covers everything from individual retail investors to large financial institutions. What does this mean? It means Bitcoin has achieved true large-scale adoption — no longer a niche play, but a part of traditional finance.

Bitcoin has also demonstrated resilience through multiple economic crises. From its emergence after the 2008 financial crisis to various market turbulences, Bitcoin has shown unique value. This resilience itself is proof of its long-term worth.

The shift in investment logic

Here’s an interesting detail: Pompliano disclosed that he increased his Bitcoin holdings again in 2025. He also quoted Charlie Munger’s famous saying: “Wealth is accumulated through patience, not trading.”

This indicates that even as growth rates decline, the long-term investment logic remains unchanged. It has simply shifted from “pursuing explosive gains” to “steady growth.” This change in mindset is significant for different types of investors.

The new normal for the next ten years

When Wall Street enters, Bitcoin’s story shifts from “get-rich-quick” to “long-term asset allocation.” This is not a decline but a sign of maturity.

In the next decade, Bitcoin may no longer see the kind of rapid doubling seen in the past, but its role as a hedge and store of value will become more solid. Lower risk means reduced volatility, which is good news for both institutional and retail investors — although it may lessen the thrill.

Summary

Pompliano’s viewpoint essentially sends a signal: Bitcoin is transitioning from a “speculative asset” to an “asset class.” Wall Street’s involvement is not a negation but an endorsement. While the explosive growth of the past decade may not repeat, steady growth and reduced risk are likely to be the best news for investors who truly understand long-term value. The key is to adjust expectations, shifting from chasing hundredfold returns to pursuing stable growth.