Mike McGlone, Bloomberg Intelligence Commodity Strategist, believes that it will only take a few months before the U.S. Securities and Exchange Commission approves the country’s first Bitcoin exchange-traded funds (ETF).
McGlone stated that Canada has a clear advantage over the United States in an interview with Stansberry Investor host Daniela Cameronbone on Sept. 21. She said that Canada had approved Bitcoin ETFs from Coinshares and 3iQ in April.
He stressed that capital is flowing from America to Canada’s institutional crypto-products, including Ark Invest by Cathie Wood. He believes the United States’ lawmakers will not be able to wait any longer.
McGlone was asked for an estimate of when the U.S. Bitcoin ETF approval could occur. He stated that it would likely happen by October end.
McGlone reiterated also the Bloomberg Intelligence report that Bitcoin prices could reach $100,000 this year. This would be driven by approval of an ETF.
Lark Davis, Crypto YouTuber, shares McGlone’s price targets. He observes that in bull markets past in 2013 and 2017, these latter quarters saw large price rallies.
#bitcoin is still at 100k this year. Q4 2013 and Q4 2017, both saw rallies of 300%+. What could make BTC go back to that level? Approval of the BTC ETF in the USA
Lark Davis (@TheCryptoLark), September 22, 2021
Related:Canadian Bitcoin ETFs hit $1.3B in AUM quickly, while US acceptance lags
Despite the increasing number of applications from potential issuers, the SEC has yet to approve a crypto ETF.
Fidelity Investments, an international financial services company, requested that the SEC approve an ETP earlier this month. Fidelity Investments argued that Bitcoin markets had already reached maturity according to the regulator’s standards.