Founder and CEO of Professional Capital Management Anthony Pompliano has emphasized the importance of Donald Trump setting up a national Bitcoin (BTC) reserve. The entrepreneur has also shared some thoughts on the selection of the next SEC chairman which may hold more weight for altcoins than Bitcoin.

There’s A Global Race Underway For Bitcoin – Pompliano 

In a recent interview with Yahoo Finance, Anthony Pompliano commented on the crypto market’s buoyant reaction to Trump’s electoral victory. 

According to Pompliano, investors believe the Republican President-elect and are highly confident in his willingness to implement all crypto-related manifestos. He explains that this belief is backed by recent price surges as investors are getting into positions and allocating resources to enjoy the benefits of Donald Trump’s promised crypto-friendly administration.

Anthony Pompliano states it is vital the incoming US President sticks to his words, especially in regard to the national Bitcoin reserve. In this regard, he highlights that it is not only important the US retains its current Bitcoin tokens, but also actively acquires more of the crypto.

According to Pompliano, this buying strategy is needed as there is a global race for Bitcoin at the moment, which is proving to be a strong hedge against inflation. Therefore, the US local, state, and federal governments must aim to get involved and acquire as many Bitcoins as possible. 

Just like Bhutan with a $1 billion BTC sheet, Pompliano is urging Trump to follow suit but on a larger scale of $100 billion BTC which he claims is small compared to the US national spending.

Pompliano: No Preferred Candidate For New SEC Chair

When commenting on Donald Trump’s appointments, Anthony Pompliano has stated he has no favorite candidate to be chairman of the US Securities and Exchange Commission (SEC). 

With Gary Gensler’s hectic regime approaching a fast end, the boss at Professional Capital Management states the new SEC Chair must be “smart, prudent and pro-crypto”. 

Interestingly, Pompliano also aligns with the interviewer’s sentiments that this new appointment and the SEC’s policy moving forward will hold more regulatory implications for altcoins than Bitcoin. He explains that Bitcoin, while being the king of the crypto market, has already gained enough regulatory clarity, same with Ethereum. Therefore, altcoins especially those with ETF applications such as Solana are set to gain from any improved regulatory system.

At the time of writing, Gary Gensler’s replacement remains unknown with multiple candidates reportedly in consideration. These candidates include Wall Street lawyer Richard Farley, Robinhood Chief Legal Officer Dan Gallagher, former SEC Commissioner Chris Giancarlo, and former SEC General Counsel Robert Stebbins among others.

Featured image from IQ.wiki, chart from Tradingview

Many analysts aren’t surprised by the recent price surge of Bitcoin to $80,000, given Donald Trump’s convincing victory in the recently concluded US national elections.

Some market analysts and observers offer even bolder projections, fueled by rumors of a Bitcoin strategic reserve and the possible approval of the Bitcoin Law.

Trading firm QCP is one of those analysts taking a bullish stance on the crypto, predicting that the top digital asset will break $120,000 soon.

QCP cites the administration of incoming President Donald Trump, the plan to create a strategic BTC reserve, and updated US inflation data as critical drivers for the asset’s price.

Favorable Market Conditions Boost Bitcoin Price

Bitcoin’s price surge continues this week, hitting another all-time high of $93,120, boosting the global cryptocurrency market cap to over $3 trillion.

The rally comes as the US government released its inflation data, with headline and core inflation numbers at 2.60% and 3.30%, respectively, in line with expectations.

Also, analysts are confident of a potential 25 basis point rate cut from the December Federal Open Market Committee meeting. Many say that a shift in monetary policy boosts optimism among risk-based assets, including Bitcoin.

$100k To $120k For BTC Possible, Says QCP

In the Twitter/X post, QCP Trading predicts that Bitcoin can hit $100k to $120k. The post added that BTC price action benefits from proposals to create a BTC strategic reserve and the government’s potential shift from gold to digital asset.

QCP: In view of Bitcoin’s impressive rally since the US election, our view is that $100,000 – $120,000 may not be too far off. Trump idea of launching a strategic BTC reserve and rotation from Gold to BTC, provides a strong narrative that keeps BTC prices supported.…

— Wu Blockchain (@WuBlockchain) November 15, 2024

However, QCP cautions the industry about excessive leverage in altcoins. It added that perpetual funding rates have increased between 50% and 100%, primarily due to heavy-leveraged buying.
This scenario increases the risk of a deleveraging event, putting downward pressure on prices.

Other Analysts See Continuous BTC Price Surge

Aside from QCP, several other analysts and financial institutions are examining Bitcoin’s bullish trend. Matthew Sigel of VanEck is also optimistic about the direction of digital asset prices.

Bitcoin’s price has increased by 30% since the elections, and based on VanEck’s proprietary indicators, the trend is likely to continue.

Sigel also noted the market’s favorable sentiment on Bitcoin, thanks to the re-election of Trump and other crypto-friendly personalities. Based on VanEck’s projections, the alpha coin can top $180k by next year.

Rekt Capital echoes VanEck’s outlook, suggesting that the asset has entered a “parabolic upside.” The market analyst further stated that this stage can last up to 385 days, creating plenty of opportunities for traders and investors to profit.

Featured image from Pexels, chart from TradingView

The United States Securities and Exchange Commission (SEC) has approved listing the eco-conscious 7RCC Bitcoin ETF on the NYSE Arca exchange.

This milestone aligns with recent progress from the Commodity Futures Trading Commission (CFTC), which cleared the spot Bitcoin options trading path.

Bitcoin ETFs Gain Traction as Regulators Clear Significant Hurdles

On November 15, the SEC approved a rule change allowing 7RCC to list and trade its Spot Bitcoin and Carbon Credit Futures ETF. This decision comes nearly a year after 7RCC filed its initial prospectus in December 2023. The application underwent four amendments during its review process, which began in March.

The fund aims to allocate 80% of its assets to Bitcoin and 20% to financial instruments tied to Carbon Credit Futures. These futures will be based on indices linked to environmental initiatives, including the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative.

“The Fund will gain exposure to these Carbon Credit Futures only by investing directly in only such futures contracts.
The Fund does not intend to invest in Carbon Credit Futures specifically linked to bitcoin mining or other related processes,” The SEC wrote.

Carbon credit futures are financial tools that allow trading based on the anticipated value of carbon credits. These instruments help manage regulatory risks while supporting environmentally responsible investing. 7RCC stated that Gemini would serve as the custodian of its Bitcoin holdings.

Meanwhile, the SEC’s approval coincides with an announcement from the CFTC’s Division of Clearing and Risk. The regulator stated that it no longer oversees clearing for spot Bitcoin ETFs options. The Options Clearing Corporation (OCC), which handles all equity options clearing and settlement, now takes the lead in this area.

This development signals significant progress for the launch of spot Bitcoin ETF options. Analysts, including Bloomberg Senior ETF Analyst Eric Balchunas, view the CFTC’s notice as a key step forward.

“The CFTC just dropped a notice clearing the way for spot bitcoin ETF options to be listed. This is the second hurdle they needed to clear after the SEC. Ball now in OCC’s court and they are into it, so they’ll probably list very soon,” Balchunas stated.

The approval of the 7RCC Bitcoin ETF and the CFTC’s move highlights growing regulatory support for innovative financial instruments. These developments pave the way for expanded investment opportunities in both cryptocurrency and sustainable markets.