The US Securities and Exchange Commission could give the green light to a Bitcoin futures ETF as early as October this year, said Mike McGlone, Bloomberg's Senior Commodity Strategist.
It also doubled its price prediction of $ 100.000 per BTC by the end of the year, adding that the cryptocurrency is about to replace gold, similar to how the car has replaced the horse as the most used transport tool.
Bitcoin Futures ETFs Coming?
The argument whether the US securities regulator will approve a Bitcoin ETF has been ongoing for years, with the "US watchdog" refusing to give the green light to even one of countless applications. At the same time, Canada, among other nations, already has such live products.
As a result, the U.S.'s northern neighbor has attracted investors, such as Cathie Wood's ARK Invest, who want exposure to a BTC ETF, McGlone said in a recent interview. This will prompt the SEC to finally approve an exchange-traded fund that monitors bitcoin's performance, even if it's futures.
Indeed, he predicted that such a "small step" development could be around the corner by the end of October.
Therefore, the Bloomberg strategist added this potential approval to his list of reasons he believes BTC could skyrocket to $ 100.000 by the end of the year. And if you want to take advantage of it, this is the right time and Bitcoin Pro is the ideal platform.
In early September, Fidelity Investments - a company that filed a few applications with the SEC to have its own BTC ETF - urged the regulator to approve such a product, which could increase the legitimacy of the asset among some investors.
Bitcoin vs. Gold
Another widely discussed debate inside and outside the cryptocurrency industry sees the duel between gold - considered for centuries the best store of value asset, and bitcoin - perceived by some as the (better) digital version of the metal.
McGlone joined the BTC camp, indicating that Bloomberg's research department has observed a substantial outflow of gold-related funds in those with exposure to bitcoin or directly to the cryptocurrency.
Therefore, the analyst advised investors who already have exposure to bonds and gold to take even a small portion of their allocation and put it into bitcoin. Otherwise, they risk being "excluded" from significant gains, which are more likely to occur for BTC.
He outlined one of the main differences between the two assets that will benefit bitcoin: cryptocurrency works digitally, while gold doesn't. In a rapidly migrating world to online space, this is the key feature that will ultimately help BTC succeed.
“I'm afraid the people who keep pointing out that gold has always been a hedge - I agree with you. But I'll leave you with this: Before the automobile, the horse was the best form of transport. Every day that bitcoin does not fail, it moves into the gold space ”.