senior commodity strategist at Bloomberg Intelligence Mike McGloneAccording to Ethereum, the future of Ethereum includes a lot of bullish-looking “positive dangling carrots.” So why the strategist? Ethereum (ETH) So positive about it?
35,000 followers Twitter accountAnswering a question from one of his followers, McGlona said, Ethereum (ETH) He noted that it is only a matter of time before an exchange-traded fund (ETF) is established.
“The rapidly rising “open interest” and growing volume in Ethereum Ethereum ETF We think its approval is only a matter of time and this could have positive implications for price and negative effects for price volatility.”
CoinGeckoAt the time of writing, Ethereum (ETH) is trading at $3,979, down 4.6% from last week, according to data. ETH, the second largest asset by market cap, hit an all-time high of $4,361 on October 21.
McGlone is also optimistic about Bitcoin (BTC)
“Bull markets are very positive with ‘hanging carrots’, we see a lot of things ahead for Bitcoin and Ethereum. I see the launch of Bitcoin ETFs in the US as a good iteration as it offers easier investment opportunities for most investors.”
ProShares‘s Bitcoin futures exchange-traded fund (BITO), entered the markets last week with the launch of the second largest ETF of all time in the US. Alternative asset management firm Valkyrie investment launched the US’s second Bitcoin futures ETF a few days after BITO.
Speaking about the ProShares launch, McGlone also stated that Bitcoin is on its way to trade like gold.
The strategist predicts that Bitcoin is in a “super cycle” and will outperform commodities (gold, silver, etc.) next year.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.