Bitcoin (BTC)Cryptocurrency

Phoenix Co-Founder Says Investors Should Wait Until 2023 If They Want A BTC ETF

The huge crypto spike during the second half of the previous year, in addition to an enormous number of institutional depositors investing billion dollars for the development of the market, have assisted in spreading optimistic anticipations for securing an ETF for Bitcoin in the country US. However, a recent (unlucky) candidate for an ETF of Bitcoin considers the otherwise being occurred currently and in the coming days.

Wait for BTC ETF

William Cai, the co-founder of Wilshire Phoenix, stated that the SEC is not in favor of approving a crypto ETF for BTC in the current scenario even though there is significant pressure from the noticeable entrepreneurs, investors, as well as influential politicians.

Cai, while speaking to Business Insider (a financial outlet), mentioned that he considers the approval of an ETF of Bitcoin to be granted in 2022 or 2023. He added that regardless of the present wave of the latest ETF apps, none are expected to progress. He further mentioned that the authorities are deliberately rigid in the issuance of the approval.

According to ETFTrends (a tracking site for ETFs), eight apps of Bitcoin are keenly politicizing for a satisfactory response by the SEC. The concerned parties include the comprehensively experienced companies like VanEck (one of the first firms to introduce an ETF of Bitcoin) and some later developed organizations like Galaxy Digital of Mike Novogratz. Michael Sonnenshein, the CEO of Grayscale, recently mentioned that the expansion of BTC ETF is just taking some time.

The SEC is dealing with other priorities

Although an active interest in crypto is prominently increasing, the attempts to get a BTC ETF approval have been unsuccessful. Cai elaborated the reason behind disclosing that the SEC is concerned about the factors such as deficiency of strong regulations, low volume of trading, high volatility, and market manipulation. Cai expressed that there is no major difference between the previous administration of Jay Clayton and the present tenure of Gary Gensler. The ETF, he says, is not a priority in the view of the new administration, which is absorbed in securing the investors as well as regulating the market, including Robinhood, meme stocks, and the other organizations.

Nonetheless, Cai is not completely disappointed despite a considerably long time of wait. In the end, he admits that there is hope in the scenario that some of the applicants will be able to convince the SEC.

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