Bitcoin ETFs could arrive by the end of October, a senior commodity strategist at Bloomberg Intelligence says.
Speaking to Daniela Cambone from Stansberry Research, Mike McGlone suggested that it had become much more likely that a BTC futures ETF (Exchange Traded Fund) would be established before the end of the year.
He noted there had been more than 30 applications to establish BTC ETFs, and that the pressure for the United States Securities and Exchange Committee (SEC) to approve an ETF was increasing due to the huge volume of trade that Canadian BTC ETFs created.
The increased pressure for regulators has become more apparent after Ark Invest chose to apply for a BTC ETF in Canada due to the SEC’s slow uptake.
The creation of a futures ETF can work as an interim stage to a full ETF. Gary Gensler, chairman of the SEC, recently hinted that he would consider a BTC futures ETF. It was a dramatic shift in position from even halfway through the year when the chances of an ETF looked slim.
Canadian Ethereum (ETH) ETFs have helped drive up value throughout the year. McGlone added that if BTC caught up with ETH by creating ETFs, its value could approach $100,000 by the end of the year.
This value increase would be driven by the extra inflow from traditional investment sources who have been kept out by technical complexity and the legitimacy that an ETF would bring.
It remains to be seen whether the SEC will approve a BTC ETF.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.