A true Bitcoin investor will not be happy, if a Bitcoin ETF is approved, because this will only create massive volatility in this market. You will find that the institutional investors will manipulate these Bitcoin ETFs with large capital reserves and you will get massive spikes and huge dumps, which will destroy the use case for Bitcoin to be used as a currency.

Some people rejoice about the SEC's decision to deny the Winklevoss's ETF, because they know it will destroy Bitcoin as a viable payment option.