Yuri Molchan
Prominent VC investor believes in potential impact of Bitcoin ETF, but there’s a catch here
Contents
Entrepreneur, investor and podcaster with a massive audience Anthony Pompliano took to the X/Twitter platform to deliver an important message about Bitcoin, Bitcoin spot ETFs and their impact on the BTC price.
Even though Pompliano does not expect a massive Bitcoin price surge to happen immediately, here’s why. In the meantime, Bitcoin has added nearly 3% and is approaching the $43,000 level on the charts.
“Wild” Bitcoin prediction from Pompliano
Pomp, who recently returned to praising Bitcoin on his Twitter account, made several statements on Bitcoin that caught the attention of the cryptocurrency community. First, he said that more than 90% of all Bitcoins have already been put into circulation by miners. The overall supply of BTC constitutes 21 million, and almost all of that amount has been minted already.
Second, Pompliano reminded the community that more than 70% of the circulating Bitcoin is held by investors who would not consider selling BTC. Third, “tens of billions of dollars of demand are on the way with the spot ETF.” This is the practical meaning of the “supply and demand topic” taught in colleges in economics classes, he added, stating that what is happening on the Bitcoin market right now is nothing but “wild.”
Pomp believes Bitcoin ETF is ultra-bullish, but here’s the catch
Responding to a commentator, Pompliano stated he believes that the expected-in-the-near-future approval of Bitcoin spot ETFs is “ultra-bullish” for Bitcoin. However, the problem here is he believes that a BTC ETF launch would not cause the Bitcoin price to double overnight since the market is unlikely to see exponential momentum even with an inflow of $50 billion.
As of this writing, the flagship cryptocurrency is changing hands at $42,815. Earlier today, BTC printed a 2.75% increase to the $42,950 level. Since Bitcoin’s massive fall from the $44,000 high on Dec. 10, over the past 10 days, it has been striving to recapture that level; however, it has not been able to break through the resistance of $43,300.
Prominent analyst Michael van de Poppe believes that, by now, the correction is over, and now Bitcoin is about to reverse and resume the rally, which brought it above $44,000 earlier in December.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets.
His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.
