Long-time crypto bull Anthony Pompliano is predicting that altcoins are coming to Wall Street after the success of the Ethereum (ETH) exchange-traded fund (ETF).
In a new interview on CNBC Squawk Box, the Professional Capital Management CEO says that the approval of the ETH ETF by the U.S. Securities and Exchange Commission (SEC) will open the floodgates for more crypto investment vehicles.
Of course, the ETH ETF approval was only made possible by the Bitcoin (BTC) ETF which came before it.
“I think the flows on the Bitcoin side, some have 10 to 15 to $19 billion in them. Real money is moving in them. The Ethereum ETF approval is less than Ethereum and more about the market…
This signals all of the altcoins will come to Wall Street. It may take a while and they will be treated a certain way, but these things will come to Wall Street… The people with the portfolio model will start to apply that to all of crypto.”
In the shorter term, Pompliano says that Ethereum may deal with a challenge in narrative, given there’s a more complex “story” behind ETH compared to Bitcoin’s relatively simple digital store of value use-case.
“I looked at all the major news sites, people aren’t talking about it as much, so the media attention, the hype, all that stuff isn’t really there. So it brings you to the question of ‘Why aren’t people talking about it as much?’ ethereum
And I think part of the challenge for Ethereum is that the story isn’t as clear, it’s very clear with Bitcoin, it’s digital gold.
When you start talking about Ethereum, you’re talking about a technology platform, there’s a lot more competition. But if you go and talk to the people at Bitwise, they’re watching ETHW today, what they would tell you is ‘Well actually there’s diversification.’ And people on Wall Street love that, so maybe the benefit that Ethereum will have is that people will say ‘Well I don’t want to have just one, I want a couple of them… Let me do a 30/70 split…”
Earlier this month, Pompliano also predicted that BTC would begin a new breakout in September.
ETH is trading for $3,464 at time of writing, up marginally on the day. BTC is currently worth $66,663, up 2% over the same period.
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