Mike McGlone, head of commodity strategy at Bloomberg has shared his views on why Bitcoin will soar to price levels of up to $ 100,000.
In a sharing on Twitter, he listed 3 reasons why memorizing the matter is likely to be achieved. The 3 factors are regulation for cryptocurrencies, ETFs and competition with China. These are the 3 main factors in addition to boosting U.S. economic growth and U.S. dominance.
Earlier in the day, the crypto community was shocked by news of the high probability for the Securities and Exchange Commission to approve the first Bitcoin futures ETF in the US. In a report by Bloomberg, it was stated that the deal is almost complete as there is no opposition to approving the ETF.
Bloomberg’s chief ETF analyst Eric Balchunas noted that the probability of a BTC ETF being given the green light is as much as 90%. The news prompted BTC to soar to the $ 60,000 price level.
Attempts to launch Bitcoin ETFs have been underway for the last eight years, since 2013. If this gets approval then this will be a historic milestone for the crypto industry.
Last month McGlone also noted that the crypto market is gaining ground and the declining supply of bitcoin will also play an important role.
