SEC can approve BitCoin ETF in October, a huge amount of money will pour into the market

SEC can approve BitCoin ETF in October, a huge amount of money will pour into the market

The wait for a Bitcoin ETF to be approved by the US Securities and Exchange Commission is long overdue. However, it is likely that it will end soon. If Bloomberg Intelligence is supposed to be commodity strategist Mike McGlone.

According to him, the first BTC ETF could be approved in the US by the end of next month. In an interview with Stansberry Investor, the strategist suggested that the main reason for such a move could be its northern neighbor Canada’s ability to stay ahead of the competition. Bitcoin ETF applications from 3iQ and Coinshares were approved in the country earlier this year.

This inadvertently also resulted in investments being diverted from the US to Canada. For example, Cathie Wood’s Ark Invest recently expressed interest in applying for a Bitcoin ETF in Canada. McGlone claims US regulators don’t want to be without this funding for much longer.

When the approval of BTC ETFs can be expected, McGlone believes that this could “probably happen by the end of October”. Even if this could be a futures-based product, as SEC Commissioner Gary Gensler previously suggested, it could still open “a window of legitimacy to large sums of money”.

This “small step” development could also have far-reaching consequences, such as the Bitcoin King Coin reaching a valuation of USD 100,000 by the end of 2021 due to a surge in institutional capital inflows into the BTC market. Additionally, crypto analyst Lark Davis also confirmed McGlone’s prediction, saying that the previous bull markets had rallied big in 2013 and 2017 in the previous quarter.

In the case of Bitcoin, the strategist also suggested that the leading digital asset could lead to the ultimate demise of gold. This is based on observations from Bloomberg Research, which show significant capital diversion from gold-backed funds to funds with exposure to Bitcoin and Ethereum or directly to fiat money. He added.

Investors hoping to avoid the risk of “abandoning” the substantial returns generated by these cryptocurrencies should therefore redirect some of their bond or gold allocation to this market. advises this strategist. He also pointed out the main difference between the two assets, which is that Bitcoin is analog while gold is a physical metal. Also, as the world becomes increasingly digitized, this is one factor that could differentiate BTC from the precious metal, he added.

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