Bloomberg Intelligence Commodity Strategist Mike McGlone believes that it is only a matter of time before the US Securities and Exchange Commission (SEC) approves the country’s first Bitcoin exchange-traded fund (ETF).
He emphasized that capital is flowing from the United States to Canada’s institutional encryption products, including those from Cathy Wood’s Ark InvestmentHowever, he believes that American lawmakers will not want to miss it for too long.
When asked about the timetable for the potential approval of the US Bitcoin ETF, McGraw said that this could happen “probably before the end of October.” He insisted that it may first be a futures-backed product, adding that it would open a “legitimization window for large capital inflows.”
McGlone also reiterated Bloomberg’s latest report, which stated that the price of Bitcoin may reach $100,000 this year, which will be driven by ETF approval.
Crypto YouTuber Lark Davis shared McGlone’s price target and observed that in the bull market before 2013 and 2017, there was a huge price increase in the later quarters.
#Bitcoin It will still reach 100,000 this year, and there was a 300%+ rebound in both the fourth quarter of 2013 and the fourth quarter of 2017.
What made BTC do this again?
The BTC ETF was approved in the United States.
-Lark Davis (@TheCryptoLark) September 22, 2021
Despite the increasing number of applications received from potential issuers, the US Securities and Exchange Commission has not yet approved crypto ETFs.
Earlier this month, the multinational financial services company Fidelity Investments, Lobbying the U.S. Securities and Exchange Commission to approve ETP It is believed that the Bitcoin market has matured under the regulator’s own standards.