Commodity strategist predicts Bitcoin ETF may get the nod in US subsequent month
Bloomberg Intelligence Commodity Strategist Mike McGlone believes it is just a matter of time earlier than the U.S. Securities and Exchange Commission (SEC) approves the nation’s first Bitcoin exchange-traded fund (ETF).
In an interview with Stansberry Investor host Daniela Cambone on Sept. 21, McGlone asserted that Canada is extending a aggressive lead over the United States after approving Bitcoin ETFs from 3iQ and Coinshares in April.
He emphasised that capital is flowing from the U.S. to Canada’s institutional crypto merchandise, together with from Cathie Wood’s Ark Invest. However, he believes that lawmakers within the United States won’t wish to miss out for for much longer.
When requested a few timeframe on potential U.S. Bitcoin ETF approval, McGlone stated it may occur “potentially by the end of October.” He maintained that it was more likely to be a futures-backed product first, including that it might open a “legitimization window for a massive amount of money inflow.”
McGlone additionally reiterated the most recent report from Bloomberg Intelligence that said Bitcoin costs hitting $100,000 was a risk this 12 months, and this is able to be pushed by the approval of an ETF.
Crypto YouTuber Lark Davis shares McGlone’s worth targets, observing that in earlier bull markets in 2013 and 2017, the latter quarters noticed large worth rallies.
#bitcoin nonetheless going to 100k this 12 months, This fall 2013 and This fall 2017 each noticed 300% + rallies.
What would make BTC try this once more?
A BTC ETF getting authorised within the USA.
— Lark Davis (@TheCryptoLark) September 22, 2021
Related: Canadian Bitcoin ETFs rapidly hit $1.3B in AUM whereas US acceptance lags
The SEC is at present but to approve a crypto ETF regardless of the variety of purposes it has obtained from potential issuers persevering with to mount.
Earlier this month, multinational monetary providers agency Fidelity Investments, lobbied the SEC to approve an ETP arguing that Bitcoin markets have already reached maturity below the regulator’s personal requirements.