A Bloomberg Intelligence commodity strategist, Mike McGlone, expects the US Securities and Exchange Commission (SEC) to approve the nation’s first Bitcoin exchange-traded fund soon (ETF).
Canada Has The Advantage
McGlone said that Canada is increasing its competitive advantage over the US after licencing Bitcoin ETFs in April.
He underlined that money is coming from the United States to institutional crypto products in Canada. He argues, however, that US politicians will not want to be left out for much longer.
McGlone stated a prospective Bitcoin ETF clearance in the United States might happen “potentially by the end of October”. He responded when questioned about a timeline. Additionally, he insisted that it would most likely be a futures-backed product first. Moreover, it would provide a “legitimization window for a massive inflow of money.”
Bitcoin Values Might Touch $100k
McGlone also reaffirmed Bloomberg Intelligence’s recent estimate. Therefore, claiming that Bitcoin values might reach $100,000 this year if an ETF gets approval. Moreover, adding that establishing an ETF would drive this.
Lark Davis, a crypto YouTuber, agrees with McGlone’s price projections. Therefore, noting that the last quarter of prior bull markets in 2013 and 2017 saw massive price rises.
Even though the number of applications it has received from potential issuers continues to grow, the SEC has yet to approve a crypto ETF.
Fidelity Investments, a worldwide financial services business, petitioned the SEC earlier this month to authorize an ETP, claiming that Bitcoin markets had already matured by the regulator’s own criteria.
Read More: Canada’s Regulators Approves Three Ethereum ETFs
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