Main navigation

Bitcoin ETF Could Be Approved Next Month, Says Bloomberg’s Mike McGlone

News
Tue, 09/21/2021 - 05:55
article image
Alex Dovbnya
The SEC could approve a Bitcoin ETF in late October, says Bloomberg Intelligence’s senior commodity strategist Mike McGlone
Bitcoin ETF Could Be Approved Next Month, Says Bloomberg’s Mike McGlone
Cover image via stock.adobe.com
Read U.TODAY on
Google News

In an interview with Stansberry Research, McGlone McGlone, Bloomberg Intelligence’s senior commodity expert, predicted that the U.S. Securities and Exchange Commission could approve a Bitcoin exchange-traded fund as early as late October.    

He maintains that it’s likely that the U.S. is going to follow the example of Canada, which has already approved several Bitcoin and Ether ETFs.   

McGlone points to the fact that the pressure is already “strong” for U.S. regulators as new filings keep piling up.    

A futures-based ETF will likely be a stepping stone for the SEC, according to the analyst:    

A futures-based [ETF] might not be the best thing, but it’s better than nothing…It just opens up that legitimization window for a massive amount of money inflows.

Related
Coinbase Bows to SEC's Demands as It Shelves Lending Product

As reported by U.Today, Eric Balchunas, Bloomberg's senior ETF strategist, also expects the approval to happen by November.     

McGlone also sticks to his prediction that the Bitcoin price could still hit $100,000 this year despite the ongoing correction. Earlier today, Bitcoin slipped to $40,192, its lowest level since Aug. 5.     

While addressing Ray Dalio’s recent comments about regulators potentially killing Bitcoin, McGlone said that banning the internet was the only way of doing it.

He further notes that the probability of the U.S. cracking down on Bitcoin has been declining in tandem with the cryptocurrency’s growing adoption in the States.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.