350% or 5BTC + 150 Spins!
New players only. Exclusive Welcome Bonus of 350% + 150 Free Spins
Anthony Pompliano, a steadfast proponent of Bitcoin (BTC), has discussed two probable occurrences that might restart a bull market for the top cryptocurrency, evoking the spike witnessed in 2020, in an interview with CNBC.
A spot-based Bitcoin exchange-traded fund (ETF) will eventually receive approval from regulatory authorities, according to Anthony Pompliano. Although there are already futures-based ETFs, the launch of a spot Bitcoin ETF is still something that the cryptocurrency community is looking forward to.
He underlines the importance of timing, arguing that if the permission occurs at the same time as the following BTC halving, it might result in a significant increase in Bitcoin’s price.
“We have futures-based ETFs. I think we will get a spot Bitcoin ETF. The question is when.”
Pompliano points out that the launch of a Bitcoin ETF may cause a demand shock and a significant flood of assets into the market. However, he also draws attention to the possibility of a supply shock coinciding with the expected halving of Bitcoin in April 2024.
“The closer and closer we get to the halving, it will coincide with a supply shock in that halving, and I think that we could see a repeat of 2020 where we go up quite significantly in price if that occurs.”
Pompliano thinks that whenever a Bitcoin ETF is made accessible, institutional investors and blue-chip investors would be crucial in raising the price of Bitcoin.
“If you’re a retail investor and you want exposure to Bitcoin over the last two, three, five years, you probably figured out a way to do it. So I don’t think there’s a ton of inflows [coming] from retail investors.
I do think though that sovereign wealth funds or very large institutions, they’re not going on Coinbase and buying spot Bitcoin. I think that’s where the ETF inflows could happen.”
At the time of writing, the price of one bitcoin is $25,930.01. The cryptocurrency market anticipates possible triggers that might raise Bitcoin’s price to new heights and bring back memories of the 2020 bull market with the possibility of a Bitcoin ETF approval and the impending halving event.