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Recent signs increasingly indicate that the U.S. Securities and Exchange Commission (SEC) is likely to approve a Bitcoin spot ETF by January 10 next year. Nine issuers, including U.S. asset management giants BlackRock, Fidelity, and others, rushed to submit revised S-1 applications to the SEC before the deadline on the 29th, aiming to become the first batch of approved issuers.
How to seize the opportunity of a spot ETF?
Competition for Bitcoin spot ETFs among more than a dozen Wall Street institutions is intensifying. Anthony Pompliano, co-founder of Morgan Creek Digital, which has a high volume in the community and nearly 1.65 million followers on Twitter, and a well-known crypto investor, suggested in a tweet that Bitcoin spot ETF issuers donate 1% of the ETF fee revenue to Bitcoin developers to firmly grasp Bitcoin holders and win in the competition. He stated:
"If I were a Bitcoin spot ETF issuer, how would I win the AUM (Assets Under Management) battle:
Put the Bitcoin white paper on my website.
Write an open letter to the BTC community.
Donate 1% of my fees to BTC developers.
Run a full node at my headquarters.
These do not require additional costs from the pocket but hold significant meaning for Bitcoin enthusiasts."
He called on issuers to pay attention to Bitcoin holders. Pompliano added that the above suggestions can only gain favor from the Bitcoin community. Still, to attract investments from those outside the Bitcoin community, he would organize physical events in as many cities as possible within the first six months to educate people about the advantages of Bitcoin.
He also pointed out that he found many people saying, "Bitcoin holders are not the target audience for ETFs," and emphasized that this viewpoint is incorrect.
"Who do you think decides to invest in these institutional ETFs? Typically, individuals who already own Bitcoin. In my experience, Bitcoin holders are the decision-makers in digital asset allocation. If you ignore the core spirit and holders of Bitcoin, and your competitors embrace them, you will fail."
Founder of Morgan Creek Capital: Bitcoin to reach $100,000 by 2024
It's worth mentioning that Pompliano, in 2018, co-founded the hedge fund Morgan Creek Digital, focusing on blockchain technology and digital assets, with Mark Yusko, founder and CEO of Morgan Creek Capital. The fund is supported by Morgan Creek Capital.
Mark Yusko is also optimistic about the future development of Bitcoin. In an interview in July of this year, he stated that the power of the Bitcoin halving market should not be underestimated. He estimated that after April 2024, Bitcoin could rise to $100,000, and during the halving period in 2028, he believed it could reach $300,000 and even surpass $1 million in the future. He has previously expressed confidence that the SEC will eventually approve a Bitcoin spot ETF. |
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Post time 5-1-2024 07:39:06