American entrepreneur and Bitcoin bull, Anthony Pompliano, has reaffirmed his optimistic stance on the flagship cryptocurrency. This time, he advises investors on what they should do during Bitcoin’s downturn, stating that there is no need for concern despite Bitcoin’s recent poor performance.
**Bitcoin’s Downturn is an Opportunity to Buy**
In an interview with Fox Business Channel, Pompliano mentioned that Bitcoin’s downturn is a buying opportunity, and every “great investor” who knows what they own understands that they should buy more when prices are unfavorable to them. He further claimed that anyone questioning whether they should buy more Bitcoin during its downturn might not actually know what they possess, hinting at Bitcoin’s potential.
While making these statements, Pompliano also noted that retail and institutional investors are beginning to realize that Bitcoin is a “resilient” asset, whose value will be higher in the next five to ten years than it is now. The American entrepreneur also explained how BTC has matured compared to previous market cycles, while still achieving impressive growth.
He pointed out that Bitcoin experienced price corrections of 30% and 25% during the bull markets of 2017 and 2021, respectively. However, this market cycle has seen improvements, with the flagship cryptocurrency’s price only dropping about 15%. He claims this indicates that BTC’s volatility is decreasing.
At the same time, he highlighted that BTC now has spot Bitcoin ETFs in this market cycle, which were lacking in previous bull markets. He believes these funds will be the main catalyst for Bitcoin’s run before the end of the year. Pompliano predicts that Bitcoin could reach a new all-time high before the end of 2024.
However, he warned that due to institutions investing in the flagship cryptocurrency through spot Bitcoin exchange-traded funds, Bitcoin may not appreciate as high or as quickly as it did in the past. He reiterated that this is because the entry of these institutional investors has dampened Bitcoin’s volatility.
**Thoughts on Spot Ethereum ETFs**
Pompliano also shared his thoughts on spot Ethereum ETFs and when they might start trading. He indicated that these funds could begin trading at some point this summer. He added that, based on rumors that the U.S. Securities and Exchange Commission (SEC) is about to approve these funds, they might start trading sooner rather than later.
He believes Ethereum faces issues that BTC does not, suggesting this could negatively impact the amount of capital inflow attracted by spot Ethereum ETFs. Pompliano stated that Bitcoin has a single narrative, being called a “store of value,” which he thinks is sufficient to convince investors to invest in the flagship cryptocurrency.
On the other hand, he said, Ethereum has many narratives, creating a confusing story for the second-largest cryptocurrency by market cap. He pointed out that this could be a significant issue for spot Ethereum ETFs, as institutional investors could easily be perplexed by Ethereum’s offerings and choose not to invest in these funds.
**BTC Struggles to Hold $60,000 | Source: BTCUSD on Tradingview.com**
