Mike McGlone, commodity strategist at Bloomberg Intelligence, believes it is only a matter of time before the US Securities and Exchange Commission approves the country’s first Bitcoin Exchange Traded Fund (ETF).
In an interview with Daniel Cambone, host of Stansberry Investor on Tuesday, McGlone said that Canada is expanding its competitive advantage over the United States after approving a Bitcoin ETF from 3iQ and CoinShares in April.
He confirmed that capital inflows from the United States into institutional cryptocurrencies in Canada, including funds from Ark Invest Katie Wood. However, he believes that US lawmakers will not miss much anymore.
Asked about the timing of the possible approval of a Bitcoin ETF in the US, McGlone said it could happen “probably by the end of October”. He argued that it would most likely be a future product initially, adding that it would open a “window of credentials for a huge amount of money to flow in.”
McGlone also reiterated a recent Bloomberg Intelligence report, which said that bitcoin prices will hit $100,000 this year and that this will be tied to ETF approval.
Crypto YouTuber Lark Davis shares McGlon’s price target, noting that previous beef markets in 2013 and 2017 had seen significant price increases in recent quarters.
RELATED: Canadian Bitcoin ETFs Quickly Hit $1.3 Billion in AUM, While US Adoption Fades
The Securities and Exchange Commission (SEC) has not yet approved crypto-traded funds (ETFs), despite the fact that the number of applications from potential issuers continues to grow.
Earlier this month, multinational financial services firm Fidelity Investments SEC lobbied for approval of the exchange-traded product, claiming that bitcoin markets had already matured to meet the regulator’s own standards.