SEC may approve a Bitcoin ETF by the end of October, says Bloomberg
Senior Commodity Strategist for Bloomberg Mike McGlone noted that the Securities and Exchange Commission (SEC) could give the green light to the first Bitcoin-based exchange-traded fund (ETF).
In this regard, McGlone assured that he supports this thesis in several aspects, among which is the fact that there are other international markets that have already been taking this step, specifically citing Canada, and that interest in a Bitcoin ETF has attracted companies like Cathie Wood’s ARK Invest, as well as quite a few other reputable ones in the finance space.
For McGlone it is very clear that there is a lot of pressure on the SEC to approve an ETF based on Bitcoin, even if it is one of futures, since the digital currency is gaining a lot of traction in the main markets, so he anticipates that by the end of 2021 we could see a BTC at $100,000, which is already considered as a perfectly viable alternative to gold.
In this vein, the Bloomberg analyst anticipates that the SEC will possibly take this step at the end of October, and that it would be precisely this event that could take Bitcoin to new all-time highs.
He also highlighted that in addition to ARK Invest there are companies like Fidelity with the intention of launching their own Bitcoin ETFs, which gives this type of proposal much more seriousness and legitimacy.
McGlone’s insights come amid the debate among gold and Bitcoin enthusiasts, who argue about which asset will derive the best returns in the face of the current economic situation and the future of the global economy.
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The Bloomberg analyst appears to be much more sympathetic to the Bitcoin perspective, noting that there are indeed investors who have taken their capital out of the gold market and gone into the digital currency, even investing directly.
Therefore, he recommended to all investors that they take advantage of and designate a small part of their portfolio to cryptocurrency.
Another aspect on which McGlone shared his perspective was in relation to the recent statements of billionaire investor Ray Dalio, who in an interview conducted several days ago assured that US regulators could stop the advance of Bitcoin.
“I have been through these debates numerous times and how do you stop Bitcoin unless you change the laws of this country? The only way I see viable to do this is by banning the Internet. “