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Anthony Pompliano, on The Claman Countdown TV show on Fox Business, believes BlackRock’s bid to launch a spot ETF on ether is mainstream. According to Entrepreneur, filing such SEC filings brings large financial institutions into the marketplace. If the US regulator approves spot exchange-traded funds for bitcoin and ether, it would increase capital inflows into the cryptocurrency market, which in turn would trigger a bullish trend.
Crypto enthusiast refrained from speculating on which company could be the first to get regulatory approval. Morgan Creek Digital’s founder is confident: all filings reviewed by the SEC should be approved by the regulator at the same time to avoid favoritism. Then the most successful ETFs can naturally evolve in the market.
Pompliano believes the entire cryptocurrency market, including Etherium, is undervalued. The market could eventually reach tens of trillions of dollars, and bitcoin will still remain the dominant asset. Speaking about the volatility of digital assets, Pompliano called rate movements a “huge profit factor”. The number of bitcoins in circulation has barely changed over the past year, proving that investors are willing to hold the coin.
If spot bitcoin ETFs are approved in the U.S., the U.S. Federal Reserve’s (Fed) monetary policy will soften, which will create conditions for the crypto market to grow, the businessman hopes. Another factor in the bullish rally could be Bitcoin’s upcoming halving, which would lead to a rise similar to what happened in 2021.
Pompliano recently called bitcoin a unique asset, surpassing other cryptocurrencies and even central banks that can print money and issue unlimited bonds.