Bitcoin ETFs could arrive by the end of October…
Stansberry Research analyst Mike McGlone suggested that it had become much more likely that a BTC futures ETF would be established before the end of this yr.
He noted there had been more than 30 applications to establish BTC ETFs, and that the pressure for the US SEC to approve an ETF was increasing due to the huge volume of trade that Canadian BTC ETFs created.
The increased pressure for regulators has become more apparent after Ark Invest chose to apply for a BTC ETF in Canada due to the SEC’s slow uptake.
The creation of a futures ETF can work as an interim stage to a full ETF.
Gary Gensler, Chairman of the SEC, recently hinted that he would consider a BTC futures ETF. It was a dramatic shift in position from early this yr when the chances of an ETF looked very slim.
Canadian Ethereum (ETH) ETFs have helped drive up value throughout the yr. Mr. McGlone added that if BTC caught up with ETH by creating ETFs, its value could approach $100,000 by the end of the yr.
When the price of bitcoin increases, so would the price of a share in the ETF. If a bitcoin ETF is approved, it will combine the best parts of 2 popular investments: the ease of investing in an ETF and exposure to the popular cryptocurrency bitcoin
This value increase would be driven by the extra inflow from traditional investment sources who have been kept out by technical complexity and the legitimacy that an ETF would bring.
It remains to be seen whether the SEC will approve a BTC ETF. Stay tuned…
Have a prosperous day, Keep the Faith!