Anthony Pompliano Believes BTC Price Will Not Double Overnight Due to ETF Approval
Anthony Pompliano, co-founder of Morgan Creek Digital, has expressed his belief that the recent approval of the first spot Bitcoin ETF by the SEC in the United States will not result in a sudden spike in the price of the cryptocurrency.
He has explained that while the introduction of the ETF may have a very positive impact, he remains skeptical about it doubling the price of Bitcoin overnight.
Pompliano has pointed out that more than 90% of Bitcoin is already in circulation, with over 70% being held by individuals who have no intention of selling.
He has also mentioned that the addition of tens of billions of dollars in demand through the spot ETF will follow the basic economic principles of supply and demand.
Some commenters have disagreed with his perspective, suggesting that the influx of such a large amount of money would only cause a 5-10% increase in Bitcoin’s price.
