Anthony Pompliano, the Founder of Pomp Investments, believes that Bitcoin could experience some turbulence in the short term but is optimistic about its future prospects. With its underlying fundamentals improving, Bitcoin is proving to be ‘anti-fragile’. The hash rate is at an all-time high, and adoption is also increasing, leading more investors to recognize its value.
In April 2024, the total supply of Bitcoin is set to halve, which usually has a positive impact on its price – and already, the digital asset is up 85% since the start of the year.
Pompliano is also convinced that the U.S. SEC will eventually approve a Spot Bitcoin ETF, which could provide a significant boost to the cryptocurrency. This view has been echoed by many in the industry, with a number of applications being filed recently. On CNBC’s ‘Squawk Box’, Pompliano said: “It’s a small detail that is more of a formality. We’re watching Wall Street saying we want access to BTC. So, when it [spot bitcoin ETF] happens, a lot of people will pour capital into it.”
He also pointed out that BlackRock had applied for a Spot Bitcoin ETF, and that the firm only does so in cases where it knows it will be approved.
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Categories: Bitcoin
Tags: Bitcoin, Anthony Pompliano, Spot Bitcoin ETF, SEC, BlackRock
