SEC to Approve Spot Bitcoin ETF? Pompliano Says Yes!

• Anthony Pompliano believes that Bitcoin’s fundamentals are strengthening and expects a Spot Bitcoin ETF to be a major catalyst for BTC.
• The total supply of Bitcoin is slated to halve in April 2024 which could serve as an additional price-boosting factor.
• Pompliano also thinks that the US SEC will eventually approve a Spot Bitcoin ETF which could attract more capital into the network.

Anthony Pompliano Bullish on Underlying Fundamentals of Bitcoin

Anthony Pompliano, Founder of Pomp Investments, is bullish on the underlying fundamentals related to the world’s largest cryptocurrency by market cap – Bitcoin. He believes that these improving fundamentals will strengthen its position in the long term despite some short-term friction it may face. Additionally, he expects a Spot Bitcoin ETF approval from the US SEC which could act as a major catalyst for BTC.

Bitcoin Price Up 85% since Start of Year

At present, the price of bitcoin has risen up by 85% compared to its value at the start of this year indicating strong investor confidence in this digital asset class. The upcoming halving event scheduled for April 2024 is expected to act as another price-booster for bitcoin and attract more investments into it.

SEC Receives Numerous Applications For Spot BTC ETF

The US Securities and Exchange Commission (SEC) has recently received numerous applications for a spot bitcoin exchange-traded fund (ETF). However, it has rejected all of them citing certain inadequacies in each application. Despite this setback, Anthony Pompliano remains confident that one day an ETF will be approved and serve as an important milestone in bringing mainstream adoption to cryptocurrency markets.

BlackRock Files For Spot BTC ETF

One notable name among those who have filed applications with the SEC for a spot bitcoin ETF is BlackRock – one of the world’s largest asset managers with over $8 trillion worth of assets under management. This gives credibility to this product offering and increases chances of its eventual approval by the regulator according to Anthony Pompliano who said: “We’re watching Wall Street saying we want access to BTC…when it happens, a lot of people will pour capital into it.“

Conclusion

Anthony Pompliano is convinced that underlying fundamentals related to Bitcoin are improving and hence expects increased adoption and investment into this digital asset class going forward especially if/when there is approval for a spot BTC ETF from US regulators.