Bloomberg analyst Mike McGlone, who has been predicting the price of bitcoin will go over $100,000 per coin, has revealed he believes U.S. patriotism could help the flagship cryptocurrency hit six figures.
In a tweet, McGlone revealed that U.S: patriotism could help the cryptocurrency’s price move up as the U.S.’s dollar dominance, tax revenue, and other factors could lead the U.S. Securities and Exchange Commission (SEC) to allow a bitcoin exchange-traded fund (ETF) to trade on U.S. exchanges.
In the tweet, the analyst pointed out that the most important reason for his belief is that it counters China’s response to the cryptocurrency space, which was a recent all-out ban that forced cryptocurrency mining operations and exchanges to move out of the country.
Notably, Bloomberg has reported that the SEC is set to allow bitcoin futures ETFs to begin trading, citing people familiar with the matter who asked not to be named that claimed the regulator “isn’t likely to block the products from starting to trade next week.”
Its sources point out that, unlike other Bitcoin ETF applicants, proposals by ProShares and Invesco are based on futures contracts and were filed under mutual fund rules that SEC Chairman Gary Gensler has said provide “significant investor protections.”
A Bitcoin ETF approval in the U.S. would be the culmination of a nearly decade-long campaign to list such a product. Crypto advocates have been looking to list it ever since Cameron and Tyler Winklevoss, the founder of the Gemini exchange, filed the first Bitcoin ETF application in 2013.
Approval has, for years, been out of the grasp of issuers who have tried a variety of different methods to get a Bitcoin ETF out on the market. The SEC has in the past expressed concern prices could be manipulated in the crypto space and that liquidity may be insufficient.
Supporting the rumors that a bitcoin futures ETF is set to be listed in the near future was a tweet published by the SEC’s Office of Investor Education and Advocacy, informing investors that before they bet on a fund holding bitcoin futures contract they must carefully weigh potential risks and benefits.
McGlone, it’s worth noting, has in the past said BTC’s price correction earlier this year was due to its excessive energy use, but noted the move represented “the strength of the world’s largest decentralized network,” before adding its energy use is getting greener.
In November of last year, McGlone accurately predicted that bitcoin would break its previous all-time high of $20,000 and surpass its former all-time high in 2021. This year, BTC hit a new $64,000 all-time before dropping to a $30,000 low and recovering.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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