By Shelly Melancon (Switzerland)
While the US SEC continues to drag its feet over a Bitcoin ETF despite numerous filings, Bloomberg analyst Mike McGlone has expressed optimism about one. At an interview, the expert strategist was quoted as saying Bitcoin ETF approval for the US is possible by next month. However, McGlone gave a timeline, saying late October.
The US Securities and Exchange Commission has received lots of ETF filings for the flagship cryptocurrency dating back to 2020. In 2021 alone, the regulator has gotten more than a dozen applications from various US firms, with most comprising Bitcoin exchange-traded funds.
McGlone Says US SEC May Adopt Canada’s Decision
The Bloomberg expert noted in the interview that he suspects that the top regulator will toe the path of North American counterpart, Canada, which has already approved and listed several ETFs for Bitcoin and Ethereum on exchanges. Ether ETFs are not prominent in the US. Two Ether ETFs which were filed before the US in August were both withdrawn without concrete reasons.
Mike McGlone agreed that the pressure on the US SEC is mounting because of past ETF filings and new filings that are in the works. According to reports, the US SEC is expected to sort through the many filings throughout October before issuing a response towards the month’s end, which corresponds with McGlone’s prediction.
Futures Bitcoin ETF to Be Given More Consideration, Says McGlone
If anything, Mike McGlone stated that a futures-based ETF would be given more consideration by the regulator. This aligns with the statement of the SEC head, Gary Gensler, back in August in which he revealed that the commission favored Bitcoin Futures ETF more than Spots Bitcoin exchange-traded fund.
McGlone continued by saying although a Futures-based ETF is not the best thing, it is a good start. He argued that this will open the market up to a large inflow of funds from investors. Meanwhile, another ETF strategist from Bloomberg, Eric Balchunas expects the ETF approval in November.
Mike McGlone has stuck to his guns on a $100k all-time high for Bitcoin before the year runs out. Currently, the crypto market is moving in the opposite direction, disregarding the predictions from the expert. A correction is underway with Bitcoin leading the downturn after falling a low of $40,952, not seen since August.
Responding to Ray Dalio’s critique against regulators for killing the top crypto asset, Mike McGlone said this was not possible unless the Internet was shut down. The likelihood of regulators taking a hard line against cryptocurrencies was fizzling out owing to the fast-paced adoption in the US, McGlone concluded.
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