Anthony Pompliano, a venture capitalist, investor, and supporter of Bitcoin, spoke with Joe Kernen, host of CNBC’s Squawk Box, about BTC and gave his opinion on what would probably happen to the most recent BTC ETF filings after the SEC complained that they were “inadequate.”
Overall, Pomp comes off as upbeat and believes that the SEC will ultimately approve a Bitcoin spot exchange-traded fund.
Pomp’s take on SEC and recent spot ETF applications
The presenter opened the discussion by asking Pomp his opinion on why the SEC deemed BlackRock’s file and the many that followed “inadequate” and what specifically was inadequate about it, supposing that the SEC just does not like Bitcoin.
While simultaneously rejecting applications for a Bitcoin spot ETF, the SEC is presently prosecuting the Binance and Coinbase exchanges for breaking US security laws.
Anthony Pompliano thinks the regulator just needs additional information regarding the files, such as who will be the custodians and with whom surveillance sharing arrangements have been struck. Pomp claims that the SEC simply needs clear and accurate information on this so that they can comprehend it.
Pompliano emphasised that CBOE has already re-filed, saying that the surveillance sharing agreement would be formed with Coinbase and that the other institutions who submitted papers, including BlackRock, are probably going to follow suit in this case. Given that BlackRock is one of the biggest and most recognised participants in the financial markets, he thinks the spot Bitcoin ETF will eventually be authorised, at least for this company. Pomp does not attempt to forecast whether it will occur a week after the re-application, a month from now, or a year from now.
He does think that Wall Street wants access to Bitcoin, though, and that if this ETF is authorised, institutions will start investing heavily in it, just as they did when the Bitcoin futures ETF was approved.
BTC outperforms Nasdaq’s record growth in 2023
According to Pompliano, 2023 has started out well for the stock market. In particular, the Nasdaq Composite Index has increased by 32.7% since the year began, which is the biggest gain in the first half of the year since 1983.
However, Bitcoin increased by 85%, or quadruple the rate of the Nasdaq. Pomp agreed with Kernen’s claim that BTC is still more than 50% below the $69,000 ATH. However, the investor noted that Bitcoin’s fundamentals continue to improve. The hash rate has risen to new all-time highs, and BTC adoption has also increased. All of these factors may be contributing to the price increase anticipated by Pomp after the Bitcoin halving event that will take place in April or May of next year.
According to information from CoinMarketCap, the leading digital currency is now trading at $30,689 at the time of publication.
