Bobos & Wojaks

Get Rich Or Die Tryin

Bloomberg Reports That The SEC May Approve A Bitcoin ETF By The End Of October.

Bloomberg Senior Commodity Strategist Mike McGlone stated that the Securities and Exchange Commission (SEC) could approve the first Bitcoin-based exchange-traded fund (ETF).

 

In this context, McGlone assured that he supports this thesis in several ways, including the fact that other international markets, specifically Canada, have already taken this step, and that interest in a Bitcoin ETF has attracted companies such as Cathie Wood’s ARK Invest, as well as quite a few other reputable ones in the finance space.

Bloomberg Senior Commodity Strategist Mike McGlone stated that the Securities and Exchange Commission (SEC) could approve the first Bitcoin-based exchange-traded fund (ETF).

 

In this context, McGlone assured that he supports this thesis in several ways, including the fact that other international markets, specifically Canada, have already taken this step, and that interest in a Bitcoin ETF has attracted companies such as Cathie Wood’s ARK Invest, as well as quite a few other reputable ones in the finance space.

 

 

According to McGlone, there is a lot of pressure on the SEC to approve a Bitcoin ETF, even if it is a futures ETF, because 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 a perfectly viable alternative to gold.

 

In this vein, Bloomberg predicts that the SEC will take this step at the end of October, and that it is this event that will propel Bitcoin to new all-time highs.

 

He also mentioned that, in addition to ARK Invest, corporations like Fidelity are planning to develop their own Bitcoin ETFs, giving this type of proposition considerably more weight and legitimacy.

 

McGlone’s thoughts come amid a dispute between gold and Bitcoin aficionados over which asset will provide the best returns in light of the current economic condition and the global economy’s future.

 

The Bloomberg expert appears to be considerably more sympathetic to the Bitcoin viewpoint, stating that there are indeed investors who have taken their wealth out of the gold market and invested directly in the digital currency.