• Anthony Pompliano, founder of Pomp Investments, is optimistic about Bitcoin’s long term prospects despite short-term friction.
• He believes that the underlying fundamentals related to Bitcoin are improving.
• He expects a Spot Bitcoin ETF to be a meaningful catalyst for BTC in the near future.
Anthony Pompliano Bullish on Bitcoin
Anthony Pompliano, Founder of Pomp Investments, believes that the underlying fundamentals of Bitcoin are strengthening and expects a Spot Bitcoin ETF to be a meaningful catalyst for BTC in the near future. At writing, BTC is up 85% since the start of this year.
Improving Underlying Fundamentals
Pompliano says that he is constructive because the underlying fundamentals related to the world’s largest cryptocurrency by market cap are improving. He points out that hash rate and adoption are both at all-time highs and people are starting to realize its value as they put capital into it. Additionally, he notes that this could be further bolstered by an upcoming halving in April 2024 which has historically served as a positive trigger for price movements in the past.
SEC Approval Expected
He also remains confident that eventually, the U.S Securities and Exchange Commission (SEC) will approve a Spot Bitcoin ETF which could act as another tailwind for cryptocurrency prices; this comes on the back of several applications filed recently by notable names such as BlackRock who typically only pursue exchange traded funds when they feel it would get approved.
Inviting Wall Street Capital
Pompliano stated on CNBC’s “Squawk Box”: „It’s a small detail that is more of a formality…We’re watching Wall Street saying we want access to BTC.“ This suggests that once approval is granted institutional capital will pour into Bitcoin further driving up its appeal among investors looking for higher returns compared to traditional asset classes such as gold or stocks & bonds.
Conclusion
All in all, Anthony Pompliano remains bullish on bitcoin due its improving fundamental metrics and expects SEC approval for spot bitcoin ETFs soon which could lead to increased adoption from institutional investors looking for alternative investments with high returns potentials .