The Securities and Exchange Commission (SEC) is expected to approve the Bitcoin ETF, as soon as early October this year.
The forecast was made personally by Bloomberg commodity strategist Mike McGlone recently.
He added that crypto assets are gathering momentum to replace gold, just as cars replace horse -drawn vehicles.
The topic of Bitcoin ETFs is not a new thing in the United States (US) as this issue has been on the rise for so long. However, the supervisors in the country refused to approve it.
Current records show only Canada and Brazil have approved some such products. Meanwhile, Fidelity Investments reportedly submitted several BTC ETF applications in early September, along with calls for ETF applications to be approved immediately.
McGlone’s prediction is backed by ARK Invest founder and CEO Cathie Wood who is keen to want BTC ETF exposure. Indirectly this would challenge the SEC to approve crypto ETF applications submitted by most large U.S. firms.
Due to that, McGlone also predicts that the BTC price will reach $ 100,000 by the end of this year.
Bitcoin this week showed a less encouraging performance following the news of Evergrande’s $ 300 billion debt burden!
While Mad Money lawyer Jim Cramer urged crypto investors to be wary of the potential for deeper price declines, Galaxy Digital CEO Mike Novogratz assured Bitcoin was still ‘safe’ status as long as it traded above $ 40,000.
Bitcoin posted a daily lowest price, $ 39,593 yesterday before soaring back trading at $ 42,730 at the time this article was written. But these assets still recorded a decline of almost 1% in 24 hours
