Commodity strategist predicts Bitcoin ETF could get the nod in US next month

A Bitcoin ETF could be authorized by U.S. regulators by October. in keeping with Bloomberg Intelligence Commodity Strategist Mike McGlone.

Commodity strategist predicts Bitcoin ETF could get the nod in US next 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 in the United States won’t wish to miss out for for much longer.

When requested a couple of timeframe on potential U.S. Bitcoin ETF approval, McGlone mentioned it could occur “probably by the finish of October.” He maintained that it was prone to be a futures-backed product first, including that it will open a “legitimization window for a large amount of cash influx.”

McGlone additionally reiterated the newest report from Bloomberg Intelligence that said Bitcoin costs hitting $100,000 was a chance this yr, and this could be pushed by the approval of an ETF.

Crypto YouTuber Lark Davis shares McGlone’s value targets, observing that in earlier bull markets in 2013 and 2017, the latter quarters noticed big value rallies.

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.

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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.

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