Bloomberg’ senior strategist, Mike McGlone Believes that The US Securities and Exchange Commission could sign a Bitcoin futures ETF as early as October this year.
Furthermore, He still holds tight to his views on bitcoin hitting the $100,000 by the end of the year. Also, Mike McGlone notes cryptocurrency will soon replace gold.
He compares it to how the car outplaced the horse as the most utilized transportation tool.
Is Bitcoin Futures ETF Happening?
The US SEC remains stubborn as regards approving any of the countless applications for ETF Approval.
However, Canada with other nations already has such products approved and live.
Mike McGlone notes in an interview that the northern neighbor of the US has investors such as Cathie Wood’s ARK Invest. Of Course, Cathie Wood wants exposure to a BTC ETF.
Consequentially, This will put pressure on the SEC to finally approve an exchange-traded fund as Mike McGlone explains.
He strongly believes that this approval will happen very fast and he places his hopes by the end of October.
Furthermore, Mike McGlone believes this is the major reason why he’s never going back on his predictions of bitcoin hitting the $100,000. Bloomberg’s strategist adds that it will happen by the end of the year.
Fidelity Investments filed few applications with the SEC to have its own BTC ETF. They’re putting pressure on the regulator to approve such a product. For instance, it could boost the asset’s legitimacy among other investors.
Bitcoin Or Gold
Mike McGlone shows strong support for Bitcoin and explains how Bloomberg’s research department found a reasonable outflow of gold-related funds. This funds is moved into bitcoin or directly into the cryptocurrency.
Also, He goes on to advise investors to take out small portion of their funds in gold and put them into bitcoin. Mike McGlone believes if not done will put them at risk of missing out from significant profits.
Conclusively, Mike McGlone outlines that bitcoin works digitally and that alone places it ahead of gold. He explains that the world is going digital globally which bitcoin fits into perfectly.
“I fear that people that keep pointing out how gold has been a hedge forever – I agree with you. But, I will leave you with this – before the automobile, the horse was the best form of transformation. Every day that bitcoin doesn’t fail, it is moving into gold’s space.”
Picture credit – Nasdaq