Bitcoin ETF Approval Imminent? Expert Predicts SEC Green Light and $100K Bitcoin Price Surge

Exciting news for crypto enthusiasts! Could the long-awaited Bitcoin ETF finally be on the horizon in the US? According to Bloomberg Intelligence commodity strategist Mike McGlone, the answer might just be a resounding YES! Let’s dive into why this expert believes the SEC could be on the verge of a historic decision and what it could mean for Bitcoin’s price.

For years, the crypto community has been eagerly anticipating the approval of a Bitcoin Exchange Traded Fund (ETF) in the United States. An ETF would allow investors to gain exposure to Bitcoin without directly holding the cryptocurrency, potentially opening the floodgates to institutional and retail investment. But the US Securities and Exchange Commission (SEC) has remained cautious, citing concerns about market manipulation and investor protection – until now, perhaps?

Mike McGlone, a respected voice in commodity and crypto analysis, is predicting a significant shift. He believes the SEC is poised to approve the very first Bitcoin ETF in the United States, and possibly sooner than many expect!

Is Canada Showing the US How It’s Done?

McGlone points to a fascinating trend: Canada’s proactive approach to Bitcoin ETFs is putting pressure on the US to catch up. In April, Canada took a bold step by licensing Bitcoin ETFs, giving them a competitive edge in the burgeoning crypto investment space.

Here’s the crux of McGlone’s argument:

• Capital Flow: Money is already flowing from the US into Canadian institutional crypto products. Investors are seeking exposure to Bitcoin ETFs, and Canada is currently the more accessible market for US investors.
• Political Pressure: US policymakers won’t want to be left behind. As Canada establishes itself as a crypto-friendly investment hub, the US risks losing out on significant capital and innovation in the digital asset space.

This competitive dynamic, McGlone suggests, could be a key driver for the SEC to finally approve a Bitcoin ETF in the US. It’s not just about embracing crypto; it’s about maintaining financial leadership and competitiveness on a global stage.

When Could We See a Bitcoin ETF in the US?

So, what’s the timeline? When quizzed about a potential approval window, McGlone offered an intriguing prediction: “potentially by the end of October.”

However, he also anticipates a phased approach. McGlone believes the first approved Bitcoin ETF in the US will likely be a futures-backed product. While not direct exposure to Bitcoin itself, a futures-backed ETF would still be a landmark achievement, signaling a major shift in regulatory acceptance.

Why is this futures-backed distinction important?

• Regulatory Comfort: Futures markets are already regulated by the Commodity Futures Trading Commission (CFTC) in the US. This existing regulatory framework might make the SEC more comfortable initially approving a futures-based Bitcoin ETF as a first step.
• Legitimization Window: Even a futures-backed ETF would be a massive step towards legitimizing Bitcoin as an investment asset in the eyes of traditional finance. McGlone emphasizes that this approval would open a “legitimization window for a massive inflow of money” into the crypto space.

$100,000 Bitcoin? ETF Approval as the Catalyst

Now for the exciting part: the price prediction! McGlone isn’t just predicting ETF approval; he’s also doubling down on Bloomberg Intelligence’s bullish Bitcoin price target. He reaffirms their estimate that Bitcoin could reach $100,000 this year if an ETF gets the green light.

He believes that the establishment of a Bitcoin ETF would act as a powerful catalyst, driving significant demand and pushing Bitcoin’s price to new heights. Think about it: an ETF makes Bitcoin investment accessible to a much broader range of investors, including institutional giants who may have been hesitant to enter the market directly.

Crypto YouTuber Lark Davis echoes this bullish sentiment, aligning with McGlone’s price projections. Davis points to historical trends, noting that the final quarters of previous Bitcoin bull markets in 2013 and 2017 witnessed explosive price surges. Could history repeat itself with an ETF approval fueling the next major rally?

The SEC’s Stance: Patience and Growing Pressure

Despite the growing optimism, it’s important to remember that the SEC has yet to approve a single crypto ETF. They’ve received a growing number of applications from major financial players, but the regulatory hurdle remains. However, there are signs that the tide might be turning.

Fidelity Investments, a global financial services behemoth, recently petitioned the SEC to authorize a Bitcoin ETP (Exchange Traded Product). Fidelity argued that Bitcoin markets have matured significantly and now meet the regulator’s own criteria for ETF approval. This application from a major player like Fidelity adds significant weight to the growing pressure on the SEC.

Key Takeaways: What Does This Mean for You?

• Potential ETF Approval: Don’t dismiss McGlone’s prediction. Canada’s success and increasing industry pressure suggest the US might be closer to approving a Bitcoin ETF than many realize.
• Futures-Backed First: Be prepared for the first US Bitcoin ETF to likely be futures-backed. It’s a stepping stone, but a significant one.
• $100K Bitcoin on the Horizon?: While not guaranteed, ETF approval could indeed be the catalyst to propel Bitcoin towards, or even beyond, the $100,000 mark.
• Market Maturation: The increasing number of ETF applications from major financial institutions like Fidelity signals the growing maturity and acceptance of Bitcoin within the traditional financial world.

In Conclusion: Are We on the Verge of a Bitcoin ETF Era?

Mike McGlone’s prediction offers a compelling glimpse into a potentially transformative period for Bitcoin and the broader crypto market. The approval of a Bitcoin ETF in the US would not just be a regulatory milestone; it could be a watershed moment, unlocking significant capital inflows and ushering in a new era of mainstream crypto adoption. Keep a close eye on the SEC’s decisions in the coming weeks and months – October could be a very interesting month for Bitcoin!

Read More: Canada’s Regulators Approves Three Ethereum ETFs