Do you want to invest in a Bitcoin ETF? Hang on until 2023. Wilshire Phoenix’s Co-Founder

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Do you want to invest in a Bitcoin ETF? Hang on until 2023. Wilshire Phoenix’s Co-Founder

Investors who want to bet on Bitcoin, but according to William Cai, if they want to do it through an ETF (in the United States), they’ll have to wait until 2023.

The tremendous cryptocurrency increase in the second half of 2020 and the first half of 2021, together with a slew of institutional investors wagering billions of dollars on the ecosystem’s expansion, fueled optimism about the possibility of a Bitcoin ETF being approved in the United States.

However, one of the previous (unsuccessful) Bitcoin ETF applicants says the chances of this happening are slim.

Do you want to invest in Bitcoin using an exchange-traded fund (ETF)? Wait a little longer.

According to ETFTrends, an ETF tracking service, there are presently eight Bitcoin applications actively pushing the SEC for a favorable answer.

Cali stated in an interview with the business outlet Insider that his aspirations would be set around 2022 or possibly 2023. Cali believes that, despite the present flurry of new ETF applications, none will succeed.

“We believe they will all become stuck…” Not I’ve seen nothing that indicates they’ve changed their minds,” says the author.

Also Read: Binance partnered with the Russian Museum to Tokenize Da Vinci and Van Gogh Masterpieces

VanEck, which was one of the first to launch a Bitcoin ETF, is among the interested parties, as is Mike Novogratz’s Galaxy Digital.

Even the well-known Grayscale Bitcoin Trust, which is currently the closest thing to a Bitcoin ETF available to U.S. traders, might metamorphose into a Bitcoin ETF if conditions are favorable. Grayscale CEO Michael Sonnenshein believes this is simply a matter of time, as Cryptopotato has reported.

The Securities and Exchange Commission (SEC) Has Other Concerns

Despite pleas from notable investors, entrepreneurs, and even important politicians, Wilshire Phoenix co-founder William Cai believes the SEC will not approve a cryptocurrency ETF anytime soon.

“The main issue is manipulation, and they’re concentrating their efforts on the cash market, which is unregulated and does not trade on regulated exchanges,” says the expert.

Between Jay Clayton’s term and Gary Gensler’s present administration, Cai explains, not much has changed. Gary Gensler, he continued, is focused on safeguarding investors and regulating phenomena like Bitcoin, thus a Bitcoin ETF is not a top priority for him.

Despite the fact that there is a long time to wait, Cai is not completely pessimistic. Finally, he admits that he hopes that some applicant will be able to satisfy the SEC at some point:

We believe a bitcoin ETF is beneficial to the market and that it will be implemented.

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