Bloomberg’s Mike McGlone: ‘Bitcoin ETF could be approved next month’

In an interview with Stansberry Research, McGlone McGlone, Bloomberg Intelligence’s senior commodity expert, predicted that the U.S. Securities and Exchange Commission could approve a Bitcoin exchange-traded fund as early as late October.

He maintains that it’s likely that the U.S. is going to follow the example of Canada, which has already approved several Bitcoin and Ether ETFs.

McGlone points to the fact that the pressure is already “strong” for U.S. regulators as new filings keep piling up.

A futures-based ETF will likely be a stepping stone for the SEC, according to the analyst:

A futures-based [ETF] might not be the best thing, but it’s better than nothing…It just opens up that legitimization window for a massive amount of money inflows.

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