Longtime Bitcoin (BTC) bull Anthony Pompliano says that the crypto king may witness two types of shocks in the coming months that could lead to an encore of the 2020 bull market.
In a new CNBC interview, Pompliano says that regulators will eventually green-light a spot-based Bitcoin exchange-traded fund (ETF).
According to the venture capitalist, Bitcoin could enter a full-blown bull market if the approval of a Bitcoin ETF happens around the time of the next BTC halving.
“We have futures-based ETFs. I think we will get a spot Bitcoin ETF. The question is when.
One of the things people are not talking about though is this ETF is going to be a demand shock. There are going to be assets to flow into this industry when that occurs. But 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.”
The halving, which slashes BTC miners’ rewards in half, is estimated to take place in April 2024.
Pompliano expects blue-chip investors to flock to the leading cryptocurrency as soon as a Bitcoin ETF hits the market.
“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 time of writing, Bitcoin is trading for $25,872.
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