On the afternoon of January 3rd, at TokenInsight's online AMA event, Sino Global CEO Liquid Value managing partner Matthew GrahaM shared that he believes it is very likely that the Bitcoin ETF will not be approved in 2020. Perhaps this will eventually happen in 2021, but US institutions, especially regulators, are also quite conservative and very slow. "The SEC is a conservative body that has close ties to Wall Street and other entrenched interest groups that are very cautious about Bitcoin and cryptocurrencies," he said. And even if the ETF is approved, Matthew GrahaM believes that the benefits of the ETF will be indirect, and its approval is only part of a larger institutionalization process. Its benefits are more likely to be related to perception and the "halo effect" than to something more straightforward (bull market).