Pompliano Predicts Altcoin ETFs to Trigger a Surge in Innovation
He believes that altcoin ETFs are on their way, and that their approval will drive new funding and innovation in the sector.
Anthony Pompliano also spoke to Coinbase’s recent struggles, suggesting the public company has been mispriced as they surge into the Web3 world with Base.
Anthony Pompliano (or as most of us know him better as, Pomp), took to his regular segment on Bloomberg crypto to discuss the recent sea of red permeating the crypto markets. He touched on several advanced topics, but his overarching message was quite simple:
Don’t get distracted. The bitcoin and crypto industry is as strong as ever.
Value Can be Found in Altcoins Targeting Potential ETF Approval
When asked about the spot Bitcoin ETFs impact on other publicly traded crypto funds, Pomp was incredibly bullish that it will only be a matter of time before the world sees altcoin equivalents flood the market.
I think that the altcoin ETFs are a massive area for innovation and also value to be created…Capital is going to flow into all of these other assets.
Of course, the biggest roadblock toward many altcoin ETFs coming to fruition is the crypto supervillain Gary Gensler and the Securities and Exchange Commission (SEC). However, Pomp is not too concerned about the regulatory body’s current stance on assets like Solana (SOL) and Cardano (ADA) – which sees them as “unregistered securities”. He believes the SEC will eventually come to their senses, as there is “far more nonsense in the public equity market than there is in the crypto industry”.
Coinbase “Mispriced”
In the interview, Pomp also touched on Coinbase – in particular, the company’s stock performance to kick off 2024. The share price of COIN has fallen a whopping 21% in just over three weeks, causing investors to either jump off ship or lick their lips at a potential discount.
Coinbase Global Inc, year-to-date, source: NASADQ/ Google Finance
Pomp’s personal philosophy involves neither, and was to simply hold his position. However, he believes that Coinbase is currently being mispriced by the market, largely due to its public perception. While most outside the industry continue to think of Coinbase as a customer-facing cryptocurrency exchange, the reality is the business is trying to change that perception and evolve into an all-encompassing Web3 product. The development of L2 scaling software, Base, is at the forefront of the transformation and may inform how Coinbase performs over the coming decade.
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Filed under: Bitcoin - @ January 24, 2024 5:22 am