All of the Old Cryptos Will Come to Wall Street – Anthony Pompliano
23.07.2024 15:17 2 min. read Alexander Stefanov
During his appearance on CNBC's Squawk Box, crypto expert Anthony Pompliano shared his insights on the potential inflows in spot Ethereum ETFs.
Pomp emphasized the significance of Bitcoin ETFs and the massive inflows we witness everyday since their launch.
He stated that people aren’t talking that much about the spot Ethereum ETFs as they did with Bitcoin – the media attention and the hype is not really there.
Why are people not talking that much about Ethereum – probably part of the reason is because the story is not clear. Bitcoin is digital gold – things are clear there. When you are talking about Ethereum, you are talking about a technology platform with a lot of competition.
He also said that Ethereum ETFs will most likely be used as diversification from Bitcoin ETFs, which is what Wall Street loves, and investors will probably go for a 70/30 split since they will want to hold more than one asset.
Pompliano also has his concerns about the staking process, since it won’t be available to ETF investors and as many know, ETH staking is one of the most appealing characteristics of the cryptocurrency. Hence there won’t be as much as inflows as there were with Bitcoin.
The interesting thing about the approval of spot Ethereum ETFs is it signals that most of the old coins will come to Wall Street, according to Pomp.
It may take some time, probably more regulatory clarity will be needed, but they will come to Wall Street.
He thinks that there will be inflows to the Ethereum ETFs, the ETH price will go up, but it will not be to the magnitude that people are hoping for.
Pompliano also confirmed that he sold all his ETH holdings and bought Solana (SOL), since they are looking for an asset that is cheaper, faster, will receive more inflows and since it is relatively smaller it will most likely outperform.
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