2023-10-27 00:18 |
Bitcoin has experienced a remarkable rally, surging by approximately 30% in the past month. The most notable price spikes occurred in the last two weeks, driven by growing enthusiasm surrounding Bitcoin spot ETFs and significant regulatory developments, including pivotal rulings in the SEC vs. Ripple lawsuit.
On Wednesday, Bitcoin breached the $35,000 mark, a level not seen since May 2022. This breakthrough has ignited a wave of bullish optimism among investors, with many now viewing the recent surge as genuine and sustainable
That said, in an interview with CNBC, prominent cryptocurrency advocate Anthony Pompliano made a striking assertion. On Wednesday, he referred to Bitcoin as the “most disciplined central bank” globally, emphasizing its unique characteristics that set it apart from traditional financial institutions and even other cryptocurrencies.
Pompliano’s comment came in the context of discussions about the possible approval of a Bitcoin spot exchange-traded fund (ETF). He stressed that the surge in Bitcoin’s price from around $3,000 to its subsequent peaks was driven by a supply and demand shock. Factors such as the aggressive printing of money and low interest rates prompted investors to flock to Bitcoin as a store of value. Given the current economic climate, with high interest rates and attempts to avoid further money printing, the stage may be set for a renewed interest in Bitcoin.
The conversation then shifted towards the prospect of a Bitcoin ETF, which has been a topic of discussion for quite some time. Pompliano expressed his belief that an ETF approval might be closer than previously thought. Notably, BlackRock, a leading asset management firm, has recently begun seeding a Bitcoin ETF, indicating preparations for an eventual approval.
“Blackrock is now going and seeding the fund in October. What you’re seeing is they’re getting prepared for the approval,” said Pompliano. “I don’t think Blackrock would go through all the effort. There’s reputation risk here. People know what they’re doing. It’s more likely it will get app approved.”
As for the regulatory landscape, Pompliano acknowledged that political decisions influence it in Washington. However, he highlighted a critical aspect of Bitcoin’s unique nature—it is a decentralized protocol that doesn’t rely on a central authority. Therefore, even if governments were to impose restrictive measures, the global nature of Bitcoin would likely ensure its continued adoption.
“The thing is Bitcoin is just highly disciplined, right. It is the most disciplined central bank in the world. It doesn’t care about news or geopolitics,” added Pompliano.
Pompliano’s assertion that Bitcoin is the “most disciplined central bank” stems from Bitcoin’s inherent attributes, notably its finite supply of 21 million coins. This characteristic contrasts with traditional central banks, which can issue an unlimited number of bonds. Bitcoin’s scarcity and decentralized nature make it an appealing asset, especially in times of economic uncertainty.
At press time, Bitcoin was trading at $34,197, reflecting a 0.74% decline over the past 24 hours.
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