What's correction? It caused by the SEC is believe if all of the business and the service are running on the bitcoin ecosystem is purely illegal and there is no legal aspect of the bitcoin ecosystem. And the SEC try to ignore the bitcoin eth caused by that reason. We will need a long time again to get more countries be accepting bitcoin
You seem to be heavily exaggerating it
The SEC declining the ETF proposal essentially means that they don't want the money of lay people to enter Bitcoin. In other words, they consider Bitcoin too risky and speculative as of yet. It is no use making a mountain out of a molehill here. This decision doesn't in the least make Bitcoin illegal or anything to that tune. I suspect that if it was illegal, the SEC wouldn't even accept the application for the ETF approval in the first place. So you can get some comfort in the fact that they did consider this application after all and didn't throw it out the window right off the bat
Anyway, it's very unpleasant.
It seems to me that the government was simply frightened of what could have happened if there had been a positive decision. Many would start buying bitcoin and this would have made the economic situation of the country worse
Indeed, it would make it worse
Since there is not a single reason why Bitcoin price can be sustainable in the long term unless there is a constant inflow of new money into the system (either new users pouring their money into Bitcoin or old users increasing their stashes). Without real world usage (i.e. as a genuine currency), Bitcoin is basically still a pyramidal scheme, where the income earned by some comes from the losses of the others. Why do you think the twins so desperately want the ETF approved? Because they have around 100M dollar worth of bitcoins. They would be among the first to profit directly from the simple folks once the latter start bringing their dollars to them
So it turns out that in fact, ordinary people do not need any approval? It is only necessary for the brothers. Simple people continue to use bitcoins, making it popular and without approval
