Morgan Creek Digital founder Anthony Pompliano said he believes BlackRock’s bid to launch a spot ETF on Ethereum is mainstream. The businessman believes that filing such applications with the SEC will be a prerequisite for large financial organizations entering the market.
If spot exchange-traded funds for BTC and ETH are approved, the influx of money into the crypto industry will increase, which will be the beginning of a bullish trend. At the same time, Pompliano did not talk about which company would become a pioneer and receive SEC approval.
The founder of Morgan Creek Digital believes that all ETF applications to the SEC should be approved immediately in order to avoid favoritism. In this case, the most effective funds will develop naturally.
Pompliano also believes that the entire crypto market, including Ethereum, is undervalued. The market has every chance to reach tens of trillions of dollars, and the main crypto coin will in any case be the dominant asset.
Analyzing the volatility of crypto assets, Pompliano called price movements a “huge profit driver.” The number of BTC in circulation has remained virtually unchanged over the past year, and this indicates the willingness of BTC owners to store the coin.
Coinbase analysts are confident that the approval of the Bitcoin exchange fund will help the development of new financial products. Experts believe that such assets will help expand access to cryptocurrencies for various investors, such as investment advisers and pension funds.
Coinbase’s head of institutional research, David Duong, believes the broader exposure of ETFs could attract billions to the crypto market and shape the regulated space, attracting investors who would often not consider investing directly in digital currency.
What do you think about this?