0

Bloomberg’s Mike McGlone talks about a BTC ETF in the US, his $100,000 per coin prediction, and why Ray Dalio was wrong about the asset.⁠

The US Securities and Exchange Commission could greenlight a Bitcoin futures ETF as early as October this year, said Bloomberg’s Senior Commodity Strategist – Mike McGlone.⁠

He also doubled down on his $100,000 price prediction for BTC by the end of the year, adding that the cryptocurrency is on its way to replace gold, similarly to how the car outplaced the horse as the most utilized transportation tool.⁠

Bitcoin Futures ETF Coming Soon?⁠
The topic of whether the US securities regulator will approve a Bitcoin ETF has been going on for years, with the watchdog refusing to greenlight even one of the countless applications. At the same time, Canada, among other nations, already has such products live.⁠

Consequently, the northern neighbor of the US has attracted investors, such as Cathie Wood’s ARK Invest, who want exposure to a BTC ETF, said McGlone in a recent interview. This will push the SEC to finally approve an exchange-traded fund tracking the performance of bitcoin, even if it is a futures one.⁠

In fact, he predicted that such a “baby step” development could be right around the corner – by the end of October.⁠

Thus, Bloomberg’s strategist added this potential approval to his list of reasons why he believes BTC could skyrocket to $100,000 by the end of the year.⁠

Earlier in September, Fidelity Investments – a company that has filed a few applications with the SEC to have its own BTC ETF – urged the regulator to approve such a product, which could boost the asset’s legitimacy among certain investors.⁠

Comments

Leave a reply

Your email address will not be published. Required fields are marked *