Bitcoin (BTC) Statement by Bloomberg Commodity Strategist: ‘This Event Could Be a Turning Point!’

Cryptocurrencies and Bitcoin in the last few days FUD caught in the waves.

While wondering how far the decline in Bitcoin will continue on Bloomberg senior commodity strategist According to Mike McGlone, Grayscale Bitcoin Trust (GBTC) to the U.S. Securities and Exchange Commission (SEC) pending lawsuit against Bitcoin (BTC) It could be a turning point for you.

Bloomberg’s McGlone Predicts GBTC Case Could Be A Landmark For Bitcoin (BTC)

McGlone believes increasing Bitcoin futures open interest and narrowing fund price inequalities can contribute to this momentum.

After a recent oral plea in Grayscale’s lawsuit over the SEC’s rejection of his application to convert the GBTC fund into an exchange-traded fund (ETF), McGlone changed his mind and now believes Grayscale will make a decision that overturns the rejection.

The analyst argues that Grayscale has gained the potential to turn into an ETF and that the drop in GBTC’s persistent bull market is a temporary shake-up.

According to the analyst, GBTC’s downtrend, which dropped from its peak approaching 100% in 2017 to almost 50% in 2022, is coming to an end and the fund may be gaining the potential to turn into an ETF.

The analyst sees this decline in a persistent bull market as advantageous for Bitcoin, which may be more susceptible to macroeconomic tides due to Federal Reserve restraint.

At the trial, the judges seemed to be welcoming Grayscale’s arguments. One of them posed a question about the difference in value between GBTC stocks and Bitcoin.

The second judge was skeptical about whether the SEC would approve futures ETFs or not spot ETFs. They commented that the regulator did not provide sufficient justification to support its decision.

According to experts, the odds of winning the case have increased significantly.

*Not investment advice.