The ETF is not needed to progress the technology behind cryptocurrencies, blockchain. However, it is a key reason why prices have increased in the short term. The expectations of investors gaining easier access to bitcoin drives the demand side of the equations given the limited supply available. It is only supporting the store of value use case for bitcoin which is unfortunate because of the potential it has as a payment currency. I think the ETF will ultimately be approved but the SEC is careful to not create another bubble in prices.
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