• Anthony Pompliano, founder of Pomp Investments, believes the underlying fundamentals of Bitcoin are strengthening and expects a Spot Bitcoin ETF to be an important catalyst for BTC.
• He is confident that the U.S. SEC will eventually approve a Spot Bitcoin ETF despite recent applications deemed inadequate by the regulator.
• Pompliano cites an increased hash rate, adoption rate and total supply as reasons why he remains bullish on Bitcoin’s long-term prospects.
Anthony Pompliano’s View on Bitcoin
Anthony Pompliano, founder of Pomp Investments, believes that the underlying fundamentals related to the world’s largest cryptocurrency by market cap are improving. He cites an increased hash rate, adoption rate and total supply as reasons why he remains bullish on Bitcoin in the long term despite potential short-term friction. At writing, BTC is already up about 85% versus the start of the year.
Possibility for Approval of A Spot Bitcoin ETF
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 despite recent applications deemed inadequate by the regulator. His comments follow a notable wave of applications for such an exchange-traded fund by names like BlackRock which has a history of going for an exchange-traded fund only when it’s convinced it will get approval from SEC.
Bitcoin Halving in 2024
The total supply of Bitcoin is slated to halve in April of 2024 which has historically served as a catalyst for its price and could possibly further strengthen its fundamentals if demand continues to increase alongside its scarcity ratio due to mining rewards being cut in half every four years since 2009 according to Satoshi Nakamoto’s original protocol design for blockchain technology .
„Squawk Box“ Interview with CNBC
Pompliano shared his view on bitcoin during an interview with “ 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 .
Conclusion
In conclusion , Anthony Pompliano predicts significant growth potential in bitcoin based on increasing demand due to improved underlying fundamentals such as hash rate , adoption rate , total supply , and potentially approval from SEC providing additional incentive via spot bitcoin ETF .