Anthony “Pomp” Pompliano Discusses Grayscale’s Legal Win Against the SEC
In a recent appearance on Fox Business’ “The Claman Countdown,” entrepreneur and cryptocurrency 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 say that the SEC now faces a decision: whether to approve Grayscale’s Bitcoin (BTC) trust conversion into a spot ETF or consider other pending ETF applications. He claimed 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 Probable Price Surge
Pompliano stated Bitcoin (BTC) as a “macro asset” characterized by high illiquidity. He pointed out that around 70% of circulating Bitcoin (BTC) 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 (BTC) halving will act as a supply shock, potentially driving the asset’s price significantly higher.
Speculation on Bitcoin (BTC) Futures and the Stablecoin Market
Pompliano addressed speculation about the SEC rescinding its approval of Bitcoin (BTC) Futures to strengthen its argument against spot Bitcoin (BTC) ETFs. Although while acknowledging the regulatory authority’s capacity to change regulations, 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 likewise highlighted a prediction by Bernstein that the stablecoin market could accomplish a $3 trillion market cap, potentially propelling the entire digital currency market, including Bitcoin, to exceed $10 trillion in market cap.
Coinbase’s Regulated Leadership and Probable 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 cryptocurrency industry succeeds, Coinbase has the capacity to become one of the major infrastructure winners.
Hot Take: Insights from Anthony “Pomp” Pompliano
Anthony “Pomp” Pompliano provides valuable insights into the cryptocurrency market, from discussing Grayscale’s legal win against the SEC to highlighting Bitcoin’s market status and probable price surge. He addresses speculation around Bitcoin (BTC) Futures and predicts the stablecoin market’s growth. In addition, Pompliano praises Coinbase for its regulated leadership and probable success in the cryptocurrency industry. Overall, his analysis offers valuable perspectives for cryptocurrency enthusiasts and investors.
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