Commodity strategist predicts Bitcoin ETF could get the nod in US next month
Bloomberg Intelligence commodity strategist Mike McGlone believes it is only a matter of time before the United States Securities and Exchange Commission approves the country’s first Bitcoin (BTF) exchange-traded fund (ETF).
In an interview with Stansberry Investor host Daniela Cambone on Tuesday, McGlone asserted that Canada is extending a competitive lead over the U.S. after approving Bitcoin ETFs from 3iQ and CoinShares in April.
He emphasized that capital is flowing from the U.S. to Canada’s institutional crypto products, including money from Cathie Wood’s Ark Invest. However, he believes that lawmakers in the U.S. will not want to miss out for much longer.
When asked about a timeframe on a potential U.S. Bitcoin ETF approval, McGlone said it could happen “potentially by the end of October.” He maintained that it was likely to be a futures-backed product first, adding that it would open a “legitimization window for a massive amount of money inflow.”
McGlone also reiterated the latest report from Bloomberg Intelligence that stated Bitcoin prices hitting $100,000 was a possibility this year and that this would be driven 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 latter quarters saw huge price rallies.
#bitcoin still going to 100k this year, Q4 2013 and Q4 2017 both saw 300% + rallies.What would make BTC do that again? A BTC ETF getting approved in the USA.
— Lark Davis (@TheCryptoLark) September 22, 2021Related: Canadian Bitcoin ETFs quickly hit $1.3B in AUM while US acceptance lags
The SEC has yet to approve a crypto ETF despite the number of applications it has received from prospective issuers continuing to mount.
Earlier this month, multinational financial services firm Fidelity Investments lobbied the SEC to approve an exchange-traded product, arguing that Bitcoin markets have already reached maturity under the regulator’s own standards.