The upcoming approval of the Bitcoin ETF within the USA may start a new wave in the crypto world. Recent reports from Bloomberg state that Bitcoin ETFs, which are covered by futures, may get the green light as early as the end of October, or say that it is only a matter of time. The report comes just days after the failure of the Chinese company Evergrande, which resulted in a drop in the price of BTC and thus the entire cryptocurrency market. However, it seems that Bitcoin was able to recover relatively quickly.
In an interview with Stansberry Investor, a strategist working for Bloomberg claims that the likely US approval is motivated by Canada’s current success in outperforming the competition, as it approved its own bitcoin ETFs in April. Many investors have therefore begun to allocate their funds outside the United States, including some big names, such as Cathie Wood’s Ark Invest. McGlone further states that the approval of the Bitcoin ETF could lead to the opening of a “legitimization window for a huge amount of money”.
