Commodity strategist Mike McGlone is positive about a possible approval of a US futures-backed Bitcoin ETF, according to Cointelegraph. The Bloomberg intelligence says it is only a matter of time and sees a likely timeframe for late October.
The news comes only days after the Chinese Evergrande’s default, which resulted in a dip in the price of Bitcoin and other cryptocurrencies.
However, Bitcoin seems to have quickly recovered, bouncing back above the $42,000 mark. McGlone believes the cryptocurrency is likely to skyrocket and reach $100,000 by the end of the year, with the ETF approval playing a dominant role in passing this milestone.
In an interview with Stansberry Investor, the Bloomberg strategist claims that the likely US approval is motivated by Canada’s current success in surpassing the competition, having approved their own Bitcoin ETF back in April. Many investors have therefore started to allocate their funds outside the US, including some big names, such as Cathie Wood’s Ark Invest.
McGlone states that SEC’s approval of the Bitcoin ETF could result in opening a “legitimization window for a massive amount of money inflow.”