- Pompliano says underlying fundamentals of Bitcoin are strengthening.
- He expects a Spot Bitcoin ETF to be a meaningful catalyst for BTC.
- Bitcoin is currently up a whopping 85% versus the start of the year.
Anthony Pompliano agrees that Bitcoin could see friction in the near term but remains bullish on the digital asset for the long term.
Pompliano shares his view on Bitcoin
The Founder of Pomp Investments is constructive because the underlying fundamentals related to the world’s largest cryptocurrency by market cap are improving.
Bitcoin is anti-fragile. We see hash rate hitting all-time highs. We see adoption hitting all-time highs. People are realizing its value and they’re putting all sorts of capital into the network.
The total supply of Bitcoin is slated to halve in April of 2024 which has historically served as a catalyst for its price.
At writing, BTC is already up about 85% versus the start of the year.
Is a Spot Bitcoin ETF coming soon?
Pompliano is also convinced that the U.S. SEC will eventually approve a Spot Bitcoin ETF which will likely be another tailwind for the cryptocurrency.
His comments follow a recent wave of applications for such an exchange-traded fund that the regulator has already dubbed inadequate. Still, Pompliano said today 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. So, when it [spot bitcoin ETF] happens, a lot of people will pour capital into it.
He’s confident in particular because among notable names that have recently filed for a Spot Bitcoin ETF is BlackRock that has a history of going for an exchange-traded fund only when it’s convinced it will get approval.