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Gold is experiencing outflows as investors embrace cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), according to Bloomberg commodity strategist Mike McGlone.
The commodity strategist predicts a $100K BTC price as early as October as a result of a futures-based Bitcoin exchange-traded fund (ETF), a financial product that provides exposure to the flagship cryptocurrency via derivatives, could be launched by the end of next month.
“… potentially by the end of October. But [as] a futures-based ETF, kind of the way you track most commodities. … So it’s just a matter of time.[U.S. Securities and Exchange Commission chair Gary] Gensler even hinted at that. It’d be a nice little baby step for the SEC. So it makes sense.”
In other trending Bitcoin News today: Bitcoin and Ethereum Looking Strong as Institutional Crypto Activity Hits Critical Mass: Mike Novogratz!
Billionaire and Galaxy Digital CEO Mike Novogratz says corporate interest in Bitcoin and Ethereum has never been higher.
In a new interview with CNBC, the top executive says that even though crypto markets just suffered through an “ugly” moment, institutional interest is clearly ramping up.
“We held 40,000 in BTC and 2,800 in ETH. These are important levels for people to watch [because] as long as those hold, the market is in very good shape.
I’ve seen nothing but engagement and activity from our investing and corporate clients. The level of inquiry [and] the level of business has never been higher. We see so much capital coming into the space in private ways and in public ways. I’m not nervous.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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