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William Cai, Wilshire Phoenix co-founder, is convinced that Bitcoin ETF will be passed in 2023

Cryptopolitan


TL;DR Breakdown

  • There are plenty of organizations who have applied for Bitcoin ETF and are awaiting SEC approval.
  • Bitcoin ETF demand is increasing as Osprey Funds and Global X Digital Assets have filed their reports.
  • According to the renowned co-founder of Wilshire Phoenix, an ETF is impossible this year.

Bitcoin ETF has been the center of attraction as many firms look forward to their reports on approval. The US SEC has been quiet on the matter and hasn’t approved any single request for unknown reasons.

According to prominent figures like William Cai, there is little chance that a Bitcoin exchange-traded token will be given the nod by the SEC in the year 2021. The reasons have not been clear but are mainly driven by speculations.

William Cai thinks ahead

William Cai had filed for approval with the US SEC back in the year 2020. He has a lot of experience regarding the deals made by the SEC. According to Cai’s experience, there are few chances that the approval will come before 2023.

He claims that approving a Bitcoin ETF is not much of a big deal for the organization and that it could be that the firm has its hands full as of now. For now, applicants can only wait for the approval of an ETF until 2023, as William Cai suggests.

Plenty of cases

William Cai is not the only one to think so, as similar statements have been provided by Osprey Funds CEO. He also believes that no approval is possible this year as the SEC has many decisions to make, and an ETF is not on the list of priorities for the regulatory institution.

Also, according to the CEO, the bull run that we saw in early 2021 resulted from the outstanding demand for ETFs, and the delay that the SEC caused resulted in the bearish trend that has taken over the market.



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