Commodity strategist predicts Bitcoin ETF could get the nod in US next month

Bloomberg Intelligence Commodity Strategist Mike McGlone thinks it is just a matter of time prior to the U.S. Securities and Exchange Commission (SEC) authorizes the nation’s very first Bitcoin exchange-traded fund (ETF).

In an interview with Stansberry Investor host Daniela Cambone on Sept. 21, McGlone asserted that Canada is extending a competitive lead over the United States after authorizing Bitcoin ETFs from 3iQ and Coinshares in April.

He highlighted that capital is streaming from the U.S. to Canada’s institutional crypto items, consisting of from Cathie Wood’s Ark Invest. However, he thinks that legislators in the United States will not wish to lose out for a lot longer.

When inquired about a timeframe on prospective U.S. Bitcoin ETF approval, McGlone stated it could occur “potentially by the end of October.” He kept that it was most likely to be a futures-backed item initially, including that it would open a “legitimization window for a massive amount of money inflow.”

McGlone likewise restated the newest report from Bloomberg Intelligence that specified Bitcoin rates striking $100,000 was a possibility this year, and this would be driven by the approval of an ETF.

Crypto YouTuber Lark Davis shares McGlone’s rate targets, observing that in previous booming market in 2013 and 2017, the latter quarters saw big rate rallies.

Related: Canadian Bitcoin ETFs rapidly struck $1.3B in AUM while US approval lags

The SEC is presently yet to authorize a crypto ETF in spite of the variety of applications it has actually gotten from potential companies continuing to install.

Earlier this month, international monetary services company Fidelity Investments, lobbied the SEC to authorize an ETP arguing that Bitcoin markets have actually currently reached maturity under the regulator’s own requirements.