A Bitcoin ETF could be approved by US regulators in October, Zo tells Bloomberg quarterback Mike McGlone.
A Bitcoin price of $100K this year is possible
In an interview on Sept. 21, Bloomberg strategist Mike McGlone claimed that Canada is ahead of the United States, especially after it has approved the Bitcoin ETFs of 3iQ and Coinshares.
He emphasized that as a result, a lot of capital flows from America to Canada’s institutional crypto products. Partly because of this, he believes that lawmakers in the United States will not wait long to approve a Bitcoin ETF themselves.
When asked about a timeline for possible approval of the US Bitcoin ETF, McGlone said it could potentially happen by the end of October. He claimed it would likely be a futures-backed product first. Such an approval in America could, according to the strategist, ensure a huge flow of money towards Bitcoin.
It is therefore not surprising that in the latest report from Bloomberg it is written that the Bitcoin price may already reach $100,000 this year. Such a huge price increase could be driven by the approval of an ETF. Well-known twitterer Lark Davis agrees with the analyst.
#bitcoin still going to 100k this year, Q4 2013 and Q4 2017 both saw 300% + rallies.
What would make BTC do that again?
A BTC ETF getting approved in the USA.
— Lark Davis (@TheCryptoLark) September 22, 2021
Earlier this month, multinational corporation Fidelity Investments lobbied the SEC to approve an ETF, arguing that Bitcoin markets are already mature. For the time being, however, the American watchdog continues to block all applications, arguing that the Bitcoin price is too influenceable.