The SEC has just rejected the ETF ( Exchange Traded Fund) application by the Winklevoss twins, but there are several other applications in the pipeline. 'what if' some of those are granted? What will happen to Bitcoin and its price?
I'm ambivalent about it. On one hand, an ETF approval would give some sense of legitimacy in the establishment/legacy finance world. A government rubber stamp can definitely affect public perception.
On the other hand, I don't understand the explanation that institutions are "waiting" for an ETF. I don't think they are, and I don't think an ETF will fundamentally affect demand in a huge way. I think it might be a great excuse for a rally, but I don't buy the idea that ETF approval means massive amounts of money being pumped into the market.