Bloomberg Intelligence Commodity Strategist Mike McGlone has said that the first Bitcoin ETF (Exchange Traded Fund) of the United States is likely to be approved by the SEC (U.S. Securities and Exchange Commission) by next month.
On September 21, 2021, McGlone gave an interview to Stansberry Investor host Daniela Cambone. During that interview, he pointed out that due to the delay in approval to the crypto ETFs, Canada is taking a lead over the US. In April 2021, Canada approved both the ETFs of 3iQ and Coinshares.
Bloomberg Intelligence Commodity Strategist also emphasized that a capital outflow can be seen from the US to Canada when it comes to institutional crypto products. Mike McGlone underscored the fact that Cathie Wood’s Ark Invest has also made a similar move. He went on to suggest that the lawmakers in the United States should not miss out on the opportunity of retaining the capital and therefore should approve the ETFs as soon as possible.
During the interview, Daniela Cambone asked McGlone about a timeframe for potential UUS Bitcoin ETF approval. While answering this, McGlone said that he believes the approval will potentially be given by the SEC “by the end of October”.
He also highlighted during the interview the latest Bloomberg Intelligence report’s Bitcoin price prediction, where it said that the BTC price will hit US$100,000 by the end of 2021. He continued to explain that this upbeat prediction about the price of BTC is based on the assumption that the BTC ETFs will get the nod from the US regulators by October 2021.
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