Bloomberg Intelligence commodities strategist Mike McGlone thinks it’s only a matter of time before the US Securities and Exchange Commission (SEC) approves the first exchange-traded fund (ETF) Bitcoin of the country.
In an interview with Stansberry Investor host Daniela Cambone on September 21, McGlone claimed Canada was extending its lead over the United States after approving the Bitcoin ETFs of 3iQ and Coinshares in April.
He pointed out that capital was flowing from the United States to institutional crypto products in Canada, including from Cathie Wood’s Ark Invest. However, he believes lawmakers in the United States won’t want to miss it any longer.
Asked about a timeline for the potential approval of the US Bitcoin ETF, McGlone said it could happen “potentially by the end of October.” He argued that it would likely be a futures-backed product first, adding that it would open a “window of legitimacy for a massive influx of money.”
McGlone also reiterated Bloomberg Intelligence’s latest report that Bitcoin prices as high as $ 100,000 were a possibility this year, and this would be motivated by the approval of an ETF.
Crypto YouTuber Lark Davis shares McGlone’s price targets, observing that in previous bull markets in 2013 and 2017, the last few quarters have seen huge price increases.
#bitcoin still going up to 100,000 this year, Q4 2013 and Q4 2017 both saw 300% + rallies.
What would cause BTC to start over?
A BTC ETF pending approval in the United States.
– Alouette Davis (@TheCryptoLark) September 22, 2021
Related: Canadian Bitcoin ETFs Quickly Hit $ 1.3 Billion In Assets Under Management As U.S. Acceptance Lags
The SEC has yet to approve a crypto ETF despite the number of applications it has received from potential issuers which continue to increase.
Earlier this month, multinational financial services firm Fidelity Investments pressured the SEC to approve an ETP arguing that Bitcoin markets have already reached maturity by the regulator’s own standards.