Bloomberg Intelligence has announced another intriguing crypto news for US-based investors. One of their Commodity Strategist has predicted that US authorities might say yes to the BTC Exchange Traded Fund.
The strategist – Mike McGlone believes that over time the United States Securities and Exchange Commission may make up its mind to grant permission for the Bitcoin ETF.
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During an interview with Daniela Cambone, the host of Stansberry Investor, Mike advocated that Canada has taken the initiative by accepting Bitcoin ETF. The authorization of ETFs by CoinShares and 3iQ has placed them ahead of the US in this race.
McGlone further mentioned that the capital flow in the market goes from the US towards the organized cryptocurrency products of Canada. This led him to the conclusion that the legal authorities of the US might not be able to avoid taking such a lucrative opportunity.
Upon being questioned about how long this approval may take, he clarified that it is possible that this may be completed by October. His statement is backed by the fact that this could drive huge revenue flow towards the United States market.
Lark Davis, a Cryptocurrency YouTuber, tweeted about Mike’s targets, stating the massive price rallies in the latter half of the 2013 and 2017 years. He compared that hike to what approving an ETF could help the US achieve. The approval of ETF still awaits the decision, regardless of numerous applications of support from the potential issuers.
