Bloomberg analyst Mike McGlone, who predicted the price of bitcoin to surpass $100.000 per coin, revealed his belief that US patriotism could help the leading cryptocurrency reach six figures.
In a tweet, McGlone revealed that US: patriotism could help the cryptocurrency price rise, as the dominance of the US dollar, tax revenue and other factors could prompt the US Securities and Exchange Commission (SEC) to allow a bitcoin exchange traded fund (ETF ) to trade on US exchanges.
In the tweet, the analyst pointed out that the most important reason for his belief is that it opposes China's response to the cryptocurrency space, which was a recent outright ban that forced cryptocurrency mining operations and exchangers to move out of the country.
What Might Make # Bitcoin $100,000 to Speed Bump? US Patriotism –
The US's dollar dominance, jobs, votes, plenty of revenue (tax) and, most importantly — it counters #China Uncle Sam will embrace cryptocurrencies with proper regulation and ETFs. pic.twitter.com/ATiq00j5ho- Mike McGlone (@ mikemcglone11) October 15, 2021
Notably, Bloomberg reported that the SEC is set up to allow future bitcoin ETFs to begin trading, citing people familiar with the matter who requested anonymity and who claimed that the regulator “should not prevent the products from starting trading next time. week. ”
Its sources point out that, unlike other Bitcoin ETF applicants, the ProShares and Invesco bids are based on futures contracts and were filed under mutual fund rules that SEC President Gary Gensler said provide “safeguards significant to the investor”.
The approval of the Bitcoin ETF in the United States would be the culmination of a nearly decade-long campaign to list such a product. Cryptocurrency advocates have been looking to list it since Cameron and Tyler Winklevoss, the founder of the Gemini exchange, filed the first ETF Bitcoin order in 2013.
Approval has been, for years, out of reach for issuers who have tried a variety of different methods to get a Bitcoin ETF to market. The SEC has in the past expressed concern that prices might be manipulated in the cryptographic space and that liquidity might be insufficient.
Supporting rumors that a future bitcoin ETF is set to be listed in the near future, was a tweet published by the SEC's Office of Investor Education and Defense, informing investors that before they bet on a fund with a bitcoin futures contract , they must carefully weigh the potential risks and benefits.
Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.
Check out our Investor Bulletin to learn more: https://t.co/AZbrkpfn8F
— SEC Investor Ed (@SEC_Investor_Ed) October 14, 2021
McGlone, it is important to note, has said in the past that the correction of BTC price earlier this year it was due to its excessive use of energy, but noted that the change represented “the strength of the world's largest decentralized grid,” before adding that its energy use is getting greener.
In November of last year, McGlone accurately predicted that bitcoin would break its previous record of $20.000 and surpass its previous record in 2021. This year, the BTC hit a new value of $64.000, before dropping to a low of $30.000 and recovering.
