Mike McGlone, an investment expert at Bloomberg, is convinced that the US Securities and Exchange Commission will approve a Bitcoin ETF by the end of October. (Also Read: Decentralized governance has to be taken to the next level says Vitalik Buterin)
In an interview with Stansberry Research , Mike McGlone, Bloomberg expert, made an extremely bullish forecast for Bitcoin. He believes the Bitcoin price could soar to $ 100,000 by the end of 2021.
This is because it is extremely likely that the US will approve a Bitcoin ETF next month. As the reason for this assumption, McGlone points out that the applications with the SEC, which demand a Bitcoin ETF, are now increasing. The SEC can not postpone the new applications forever and is forced to make a decision sooner or later, according to the Bloomberg expert.
However, he believes the SEC will initially only approve one futures-based ETF.
A futures-based ETF may not be the best, but it’s better than nothing. It opens the legitimation window for massive inflows of money.
Mike McGlone is not alone in his opinion – Eric Balchunas , ETF expert at Bloomberg, also believes that a Bitcoin ETF will be approved in the US shortly.
Bitcoin at $ 100,000 by the end of the year
Additionally, McGlone is sticking to the forecast that Bitcoin will surpass $ 100,000 later this year. Despite the sharp correction in the crypto market, he is convinced that nothing has changed in the general macro trend and that Bitcoin will therefore continue to rise.
An unlimited amount of fiat money still faces a limited amount of bitcoin. The world is becoming more and more digital and Bitcoin will be the new reserve currency of this digital world.
To further underline this argument, he points out that more and more money is currently flowing out of gold ETFs and being shifted into Bitcoin and other cryptocurrencies . He himself has underestimated in the past how much capital will flow into the crypto market from traditional stores of value such as gold.
Bloomberg Intelligence's @mikemcglone11 says he underestimated the reallocation of capital from #gold to #bitcoin $BTC and Ethereum $ETH this year.— Stansberry Research (@Stansberry) September 21, 2021
Check out his bitcoin price prediction with @DanielaCambone here! – https://t.co/P6l8xoXIfc pic.twitter.com/mkl6CRRQ5B
In addition to Bitcoin, he believes that Ethereum in particular has benefited from this development. He is also convinced that the crypto market will benefit from this trend in the coming years – especially when a Bitcoin ETF comes along.
Stock Crash and Regulation – a Danger for the Crypto Market?
In addition, the Bloomberg expert does not believe that the stock market rally will end anytime soon, as there is still a lot of money in circulation.
The big correction is over. It’s only a matter of time before the crypto market turns green again.
Even if the stock markets continue to crash, he believes that the central banks will prevent this with more cheap money. That, in turn, would be extremely bullish for scarce assets like BTC.
McGlone also sees no long-term threat in the tougher regulatory measures that the SEC has planned for the crypto market in the near future. The crypto market is now too big for that. With each passing day, it is therefore becoming less likely that the US will completely ban cryptocurrencies.