Bitcoin’s Potential Surprises: Insights from BTC Bull Anthony Pompliano
Anthony Pompliano, a prominent Bitcoin (BTC) advocate, believes that two pivotal events could reshape the cryptocurrency landscape, resembling the 2020 bull market surge.
In a recent CNBC interview, Pompliano stated that regulators are likely to approve a Bitcoin ETF linked to the cryptocurrency’s spot market.
This green light, he suggests, could ignite a significant bull market, especially if it aligns with the next BTC halving event in April 2024.
Pompliano noted that while futures-based ETFs already exist, the timing of a spot Bitcoin ETF’s approval is crucial. He also emphasized an often-overlooked aspect: the ETF approval could trigger a demand surge, with a substantial influx of assets into the industry.
Moreover, as the ETF approval coincides with the BTC halving event, it may coincide with a supply shock, potentially leading to a 2020-like price surge.
The BTC halving, which reduces miners’ rewards by half, is scheduled for April 2024. Pompliano expects institutional investors, including sovereign wealth funds and large institutions, to take a keen interest in Bitcoin once a Bitcoin ETF becomes available.
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He stated, “Retail investors seeking Bitcoin exposure have found ways to do so in recent years. Thus, I don’t foresee a significant influx from this group. However, sovereign wealth funds and major institutions are unlikely to buy spot Bitcoin directly from Coinbase, creating potential for ETF inflows.”
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
