• Anthony Pompliano, Founder of Pomp Investments is bullish on Bitcoin for the long-term because its underlying fundamentals are strengthening.
• Bitcoin is up 85% since start of year and could see a further boost with SEC’s approval of a Spot Bitcoin ETF.
• Blackrock has filed for a Spot Bitcoin ETF and Pompliano believes it will eventually be approved.
Anthony Pompliano Bullish On Bitcoin
Anthony Pompliano, Founder of Pomp Investments, believes that the underlying fundamentals of bitcoin are strengthening, making it an attractive long-term investment. The digital asset has already seen growth this year with an impressive 85% increase from the start of the year.
Spot Bitcoin ETF Approval Could Further Boost Price
Pompliano also expects that if the US Securities and Exchange Commission (SEC) approves a spot bitcoin exchange-traded fund (ETF), this could be an additional catalyst for boosting its price. Notable names such as BlackRock have recently filed for such an ETF, although the SEC has labelled these applications inadequate so far.
Pompliano’s Confidence In Eventual Approval Of Spot BTC ETF
Despite this initial rejection, Pompliano remains confident in the eventual approval of such a fund due to institutions like BlackRock only filing when they are certain it will get approved. Speaking on CNBC’s „Squawk Box“ he 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.“
Bitcoin Halving In April 2024 Could Serve As Catalyst For Price Increase
The total supply of bitcoin is slated to halve in April 2024 which typically serves as a catalyst for its price increase. This event combined with potential approval from SEC for spot BTC ETF could make now an opportune time to invest in BTC ahead of what could potentially be very profitable returns next year and beyond..
In conclusion, Anthony Pompliano remains optimistic about the future prospects for bitcoin despite some short-term friction in price movements due to its improving fundamental performance and potential catalysts such as halving event and potential approval from SEC for spot BTC ETF.