The US Securities and Exchange Commission could illuminate the ETF of BTC futures as early as October this year, said Bloomberg’s chief commodity strategist Mike McGlone. He also added that cryptocurrency is on its way to replacing gold, just as a car has replaced horses as the most widely used means of transport.
ETF BTC futures around the corner?
The issue of whether the US securities regulator will approve BTC ETFs has been going on for years. At the same time, Canada, among other nations, already has such products.
“As a result, the U.S. northern neighbor has attracted investors such as ARK Invest, Cathie Wood,” McGlone said in a recent interview. This will force the SEC to finally approve an exchange-traded fund that monitors BTC’s performance, even when it comes to futures. He said it could be just around the corner – by the end of October.
So Bloomberg’s strategist has added this potential approval to his list of reasons why he believes Bitcoin would reach up to $ 100,000 by the end of the year.
BTC vs Gold
Another debate that is widely discussed in the cryptocurrency sector and beyond is the battle with gold, considered the best store of values for centuries. McGlone has joined the BTC camp, suggesting that Bloomberg has seen a significant outflow of gold-related funds to these areas with exposure to BTC.
The analyst therefore advised investors who already have exposure to government bonds to take a small part of their allocation and put it into BTC. Otherwise, they run the risk of being “left out” of substantial profits that are more likely to come from BTC.
He noted one major difference between the two assets – cryptocurrency works digitally, while gold does not. In a world that is rapidly moving into the online space, it is a key feature that will ultimately help BTC succeed.
“Many people keep pointing out that gold has always been the best store of values - I agree with them. But before of the car, a horse was also the best form of transport. “
McGlone also spoke on regulation, which has been hot lately. Ray Dalio remarked earlier this month that if BTC becomes successful, US regulators will simply stop it. They believe that they can do it because they have all the necessary tools.
But McGlone disagreed with Dalio. On the contrary, he classified such a development as “almost impossible.”
“I went through these iterations many times. And how do you stop BTC if you don’t change the laws of this country? The only way to really stop BTC is to ban the Internet.”