Anthony “Pomp” Pompliano Discusses Grayscale’s Legal Win Against the SEC
In a recent appearance on Fox Business’ “The Claman Countdown,” entrepreneur and crypto investor Anthony “Pomp” Pompliano commented on Grayscale’s legal victory over the SEC. He highlighted that the American legal system allows for disputes between market participants and regulators to be resolved in court. The judge ruled in favor of Grayscale, prompting Pompliano to emphasize that the SEC now faces a decision: whether to approve Grayscale’s Bitcoin trust conversion into a spot ETF or consider other pending ETF applications. He argued that regulators should focus on creating fair markets instead of picking winners and losers, suggesting that all pending applications should be approved simultaneously.
Bitcoin’s Market Status and Potential Price Surge
Pompliano described Bitcoin as a “macro asset” characterized by high illiquidity. He noted that around 70% of circulating Bitcoin is held by long-term investors who haven’t sold in the past year. Drawing parallels to the conditions preceding the 2020 bull run, he believes a similar setup is developing. Pompliano anticipates that ETF approvals will create a demand shock, while the upcoming Bitcoin halving will act as a supply shock, potentially driving the asset’s price significantly higher.
Speculation on Bitcoin Futures and the Stablecoin Market
Pompliano addressed speculation about the SEC rescinding its approval of Bitcoin Futures to strengthen its argument against spot Bitcoin ETFs. While acknowledging the regulatory authority’s ability to change rules, he considered a rollback unlikely. He expressed confidence that ETF applications, including those from major players like BlackRock and Fidelity, would likely be approved before year-end. Pompliano also highlighted a prediction by Bernstein that the stablecoin market could reach a $3 trillion market cap, potentially propelling the entire cryptocurrency market, including Bitcoin, to exceed $10 trillion in market cap.
Coinbase’s Regulated Leadership and Potential Success
Pompliano praised Coinbase, in which he has been an investor since its early days, for being a regulated leader in the American financial system. He commended the company’s expansion into lending to institutions and believes that if the crypto industry succeeds, Coinbase has the potential to become one of the major infrastructure winners.
Hot Take: Insights from Anthony “Pomp” Pompliano
Anthony “Pomp” Pompliano provides valuable insights into the crypto market, from discussing Grayscale’s legal win against the SEC to highlighting Bitcoin’s market status and potential price surge. He addresses speculation around Bitcoin Futures and predicts the stablecoin market’s growth. Additionally, Pompliano praises Coinbase for its regulated leadership and potential success in the crypto industry. Overall, his analysis offers valuable perspectives for crypto enthusiasts and investors.
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