Good: people will be able to buy "Bitcoin" (scare quotes intentional) as easily as they buy any other security with their brokerage account.

Good: Bitcoin cements its place as a pure meme investment attached to nothing tangible whatsoever.

Good: This very well may increase the price of "Bitcoin".

Bad: This event underscores what many of us have known for a long time, which is that Bitcoin will never be a real mainstream currency and doesn't need to be. The original thesis of Satoshi N. has now been thoroughly discredited, as the blockchain architecture has proven itself impossible to scale to even a ten-thousandth of the volume necessary to service the world's current transactions. Almost no holders of Bitcoin keep their own private keys, which means they are kept in some institution, which is kept in some centralized database somewhere, making a mockery of the original vision of Bitcoin.

Bad: "Bitcoin", to almost all of it's investors, is just the word, "Bitcoin" and nothing else, and the ETF will just increase that.

Good/Bad: Bitcoin invented a new kind of pyramid investment, and made this kind of investing more efficient and pure than it's ever been. (Whether that's a good thing or a bad thing depends on your own views of these kinds of investments).