Bloomberg Intelligence commodity strategist Mike McGlone believes it is only a matter of time earlier the United States Securities and Exchange Commission approves the country's first Bitcoin (BTF) substitution-traded fund (ETF).

In an interview with Stansberry Investor host Daniela Cambone on Tuesday, McGlone asserted that Canada is extending a competitive lead over the U.S. after approval Bitcoin ETFs from 3iQ and CoinShares in Apr.

He emphasized that upper-case letter is flowing from the U.S. to Canada's institutional crypto products, including money from Cathie Wood'south Ark Invest. However, he believes that lawmakers in the U.S. will not want to miss out for much longer.

When asked well-nigh a timeframe on a potential U.S. Bitcoin ETF approving, McGlone said it could happen "potentially past the end of October." He maintained that information technology was probable to exist a futures-backed product first, adding that it would open up a "legitimization window for a massive corporeality of money inflow."

McGlone also reiterated the latest written report from Bloomberg Intelligence that stated Bitcoin prices hitting $100,000 was a possibility this year and that this would be driven past the approval of an ETF.

Crypto YouTuber Lark Davis shares McGlone's toll targets, observing that in previous bull markets in 2022 and 2022, the latter quarters saw huge price rallies.

Related: Canadian Bitcoin ETFs quickly hit $1.3B in AUM while Usa acceptance lags

The SEC has yet to corroborate a crypto ETF despite the number of applications information technology has received from prospective issuers continuing to mountain.

Earlier this month, multinational financial services firm Fidelity Investments lobbied the SEC to approve an commutation-traded product, arguing that Bitcoin markets have already reached maturity nether the regulator's own standards.