• Anthony Pompliano, Founder of Pomp Investments, is optimistic about Bitcoin’s long-term prospects and expects the SEC to eventually approve a Spot Bitcoin ETF.
• Bitcoin is up 85% since the start of the year due to its underlying fundamentals strengthening and its total supply slated to halve in April 2024.
• Pompliano believes Wall Street will pour capital into a Spot Bitcoin ETF once it is approved by the U.S. SEC.
Anthony Pompliano Bullish on Bitcoin
Anthony Pompliano, Founder of Pomp Investments, has expressed his optimism about Bitcoin’s long-term prospects. He expects the U.S. Securities and Exchange Commission (SEC) to eventually approve a Spot Bitcoin ETF which he believes will be a meaningful catalyst for Bitcoin prices in the future. Currently, BTC is up 85% since the beginning of this year due to its underlying fundamentals strengthening and its total supply slated to halve in April 2024.
BTC Underlying Fundamentals Strengthening
Pompliano agrees that there could be friction for BTC in the near term but remains bullish on it because of its improving fundamentals such as hash rate hitting all-time highs, adoption rates hitting all-time highs and more people realizing its value which has led them to put capital into the network.
Spot Bitcoin ETF Expected To Be Catalyst
The founder of Pomp Investments also believes that a Spot Bitcoin ETF will be a significant catalyst for BTC when it gets approval from the SEC as Wall Street will pour capital into it once it is available for trading on exchanges. This follows recent applications from notable names like BlackRock who have a history of filing exchange traded funds when they are confident they’ll get approval from the regulator.
SEC Dubs Recent Applications Inadequate
Despite these applications being filed recently, the SEC has already termed them inadequate as they do not meet their requirements according to their standards yet but Anthony Pompliano remains convinced that they will eventually approve one regardless because he sees it as merely „a small detail“.
In conclusion, Anthony Pompliano is optimistic about Bitcoins long-term prospects due to its underlying fundamentals strengthening and adoption rates increasing leading him to expect an eventual approval from the SEC for a Spot Bitcoin ETF which he believes will serve as another tailwind for cryptocurrency prices in general.