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- Regulators in the United States may authorize a Bitcoin ETF by October. According to Mike McGlone, a commodity strategist at Bloomberg Intelligence
- He believes, however, that US politicians will not want to be left out for much longer
- Lark Davis, a crypto YouTuber, agrees with McGlone’s price projections, noting that the last quarter of prior bull markets in 2013 and 2017 saw massive price rises
Regulators in the United States may authorize a Bitcoin ETF by October. According to Mike McGlone, a commodity strategist at Bloomberg Intelligence. Mike McGlone, a Bloomberg Intelligence commodity strategist, expects the US Securities and Exchange Commission (SEC) will approve the country’s first Bitcoin exchange-traded fund soon (ETF). McGlone said that Canada is increasing its competitive advantage over the US after licensing Bitcoin ETFs from 3iQ and Coinshares in April in an interview with Stansberry Investor host Daniela Cambone on September 21. He underlined that money is coming from the United States to institutional crypto products in Canada, like Cathie Wood’s Ark Invest.
He believes, however, that US politicians will not want to be left out for much longer. McGlone stated a prospective Bitcoin ETF clearance in the United States might happen potentially by the end of October when questioned about a timeline. He insisted that it would most likely be a futures-backed product first and that it would provide a legitimization window for a large infusion of money. McGlone also reaffirmed Bloomberg Intelligence’s recent estimate, which claimed that Bitcoin values may reach $100,000 this year if an ETF is approved, adding that this would be driven by the establishment of an ETF.
Lark Davis, a crypto YouTuber, agrees with McGlone’s price projections, noting that the last quarter of prior bull markets in 2013 and 2017 saw massive price rises. Despite the fact that the number of applications it has received from potential issuers continues to grow, the SEC has yet to approve a crypto ETF. Fidelity Investments, a worldwide financial services business, petitioned the SEC earlier this month to authorize an ETP, claiming that Bitcoin markets had already matured by the regulator’s own criteria.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
