• Anthony Pompliano is optimistic about Bitcoin’s long-term prospects despite near-term friction.
• He believes the underlying fundamentals of Bitcoin are strengthening and that a Spot Bitcoin ETF could be a meaningful catalyst for BTC.
• Pompliano is confident the SEC will eventually approve a Spot Bitcoin ETF, citing Wall Street’s eagerness to gain access to BTC.
Anthony Pompliano Bullish on Bitcoin
Anthony Pompliano, Founder of Pomp Investments, is optimistic about the long-term prospects of Bitcoin despite near-term friction. He believes that the underlying fundamentals of the world’s largest cryptocurrency by market cap are strengthening and that a Spot Bitcoin ETF could serve as a significant catalyst for BTC. Pompliano is also confident that the U.S. SEC will eventually approve a Spot Bitcoin ETF due to Wall Street’s eagerness to gain access to it.
Improving Fundamentals
Bitcoin is up an impressive 85% versus the start of the year and its anti-fragile nature has been demonstrated through new highs in hash rate, adoption levels, and capital being poured into its network. In addition, its total supply is set to halve in April 2024 which has historically served as an impetus for its price growth.
SEC Approval Likely Imminent
With notable names such as BlackRock filing applications for a Spot Bitcoin ETF, it appears that approval from the SEC may not be far off. Despite initial rejections from the regulator due to inadequate filings, Pompliano remains confident in eventual approval citing BlackRock’s history of only pursuing such an exchange-traded fund when they believe they will get approval from authorities: “It’s a small detail that is more of a formality […] We’re watching Wall Street saying we want access to BTC.“
ETF Could Serve As Catalyst For Price Growth
If approved by regulators, this investment vehicle could provide institutional investors with greater exposure to BTC which could lead to significantly more capital being pumped into it – likely serving as another tailwind for its price growth in addition to its upcoming halving event mentioned earlier.
Conclusion
Anthony Pompilano sees great potential in Bitcoin’s future with improving fundamentals and greater institutional involvement on horizon with potential SEC approval of spot bitcoin ETFs looming overhead . Despite some near term friction he expects these developments should serve as major catalysts for further growth in value over time .