Bloomberg Intelligence senior commodities expert Mike McGlone said in an interview with Stansberry Research that the U.S. Securities and Exchange Commission may approve a Bitcoin exchange-traded fund in late October.
He thinks the US will follow the example of Canada, which has already approved several Bitcoin and Ethereum ETFs. McGlone adds that pressure remains “strong” for US regulators as new applications continue to rise. According to the analyst, a futures-based ETF will likely be a stepping stone to the SEC’s goal:
“A futures based [ETF] may not be the best thing, but it is better than nothing… This opens the window of legitimacy for large inflows.”
Eric Balchunas, senior ETF strategist at Bloomberg, also said in a previous statement that he expects approval to occur by November. McGlone also stands behind his prediction that Bitcoin price could reach $100,000 this year despite the ongoing correction.
McGlone also touched on Ray Dalio’s recent comments about regulators potentially killing Bitcoin, saying that banning the internet is the only way to do it. He also notes that the likelihood of the US banning Bitcoin has fallen in line with the increasing adoption of the cryptocurrency in the United States.
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