Bloomberg Intelligence Commodity Strategist Mike McGlone believes it is only a matter of time before the U.S. Securities and Exchange Commission (SEC) approves the country's first Bitcoin ETF.
McGlone echoed a recent Bloomberg Intelligence report that stated that a Bitcoin price reaching $100,000 is possible this year, and this will be driven by ETF approval.
When asked about the timeframe for potential approval of a U.S. Bitcoin ETF, McGlone said it could happen "potentially by the end of October." He maintained that it would likely be a futures-based product first, adding that it would open a "legitimacy window for a huge amount of money to flow in."
The SEC currently has yet to approve a cryptocurrency ETF, although the number of applications it has received from potential issuers continues to grow.
Earlier this month, international financial services firm, Fidelity Investments, lobbied the SEC to approve the ETP arguing that the bitcoin markets had already reached maturity under the regulator's own standards.
