Bloomberg commodity strategist predicts Bitcoin ETF could get approval in the US next month
Mike McGlone, Bloomberg’s Intelligence Community Strategist, has said he believes that it is now only a matter of time that the US Securities and Exchange Commission (SEC) will approve its first Bitcoin exchange-traded fund (ETF).
McGlone has said in an interview on September 21 with Stansberry Investor host Daniela Cambone that Canada is now leading over the United States after it approved Bitcoin ETFs and Coinshares starting April 2021.
McGlone had also emphasized that much capital is flowing from the United States markets to Canada’s institutional cryptocurrency products, one of which is from Cathie Wood’s Ark Invest. These are some reasons he feels that lawmakers in the US would not want to miss the opportunity for long.
Speaking about a potential timeframe for the Bitcoin ETF approval, McGlone said that could happen “potentially by the end of October.” McGlone added that it would most likely be a futures-backed product at first, opening a “legitimization window” for a vast amount of money inflow.
He also iterated a recent report by Bloomberg Intelligence. He confirmed that Bitcoin prices were possibly hitting $100,000 by this year, but that would be driven by a successful approval of ETF.
Crypto YouTuber Lark Davis has also shared McGlone’s price targets, observing that in earlier bull markets dating 2013 and 2017, the latter quarters had seen massive price rallies.
The SEC is reportedly yet to approve a crypto ETF despite a huge number of applications from prospective issuers.
Earlier in September, multinational services firm Fidelity Investments had lobbied with the SEC for approval of ETP, arguing that Bitcoins markets have also crossed maturity under SEC’s own standards.