First of all, this article does not contain any financial advice. It is not investment advice. It is amateurishly written content consisting solely of my personal opinions.
Bitcoin ETF applications have been rejected repeatedly over the last 10 years due to market manipulation and fraud concerns.
Are the reasons for rejection now completely removed? My answer to this question would be an emphatic 'no'. All cryptocurrencies, especially bitcoin, are still fragile, flexible and easily manipulated. Their vulnerabilities have not disappeared either.
Why today and not yesterday? I should mention here that yesterday refers to all past ETF applications, while today naturally symbolizes the ETF's acceptance. The ETF that was rejected in the past has now been accepted. This means that something must have changed, that new circumstances must have arisen that led to its acceptance.
So, what has changed? In my opinion, nothing has changed. Bitcoin is still the same and continues to move forward on its own roadmap, with the support of those who believe in it, with its halving processes. Every day, the number of chains added to this ring is increasing and the number of cryptocurrency users is growing exponentially.
With the increasing density and the presence of new masses constantly added to the number of users; I think the legalization of bitcoin by several countries around the world played an important role in ETF acceptance.
When you are locked towards a goal, and when you are supported by ever-increasing crowds as you move towards your goal, options such as standing against or ignoring this power fall by themselves.
The truth behind the SEC decision lies in the ever-increasing power of the communities that believe in bitcoin and cryptocurrency. This decision is an important step for the financial integration of cryptocurrencies. When, as has been the case so far, each link in the chain combines its strength with that of the communities that make up the entire chain, there are new obstacles to overcome and a long way to go.
Of course, the importance of joining forces is well understood, but I think it is worth reminding that it is easy to destroy something that already exists. It is very difficult to try to bring into existence something that has been ignored, ignored, pushed and despised from the beginning. Cryptocurrency lovers and supporters are made up of people who have gone through this difficulty in stages. They will understand the difficulty and length of the path taken the most.
The adoption of the Bitcoin ETF will bring new regulations and security measures. This does not mean that everything will be easy after this decision and that upward movements will continue. Bitcoin ETFs that have been rejected in the past have not permanently depressed the price, nor have they reduced the number of cryptocurrency users.
Expectations that the SEC would accept a bitcoin ETF were well-received in the market and the price of bitcoin soared, and now that the expectations have come true, profit-taking may follow or the momentum may take the price to completely different places.
