Hell no. ETFs are only financial instruments which are beneficial to institutional investors and the like.
In no way shape or form are they of any use to the average Joe using bitcoin. The only effect would be the hype created by an approval (which seems extremely unlikely at this stage with SEC continuously rejecting and delaying decisions) which could potentially push prices up in the short term.
There is no long term future to speak of in bitcoin that is held in bitcoin ETFs, that is just stuff made up by media. The SEC is making a judgment on a financial product, not bitcoin itself, remember that.
Don't you think that people often think about Bitcoin as an investment and not a currency? I have seen many people (hodlers mostly) who believe that cryptocurrency is for an investment, they hope for the future rise and profit. But originally, Bitcoin was created as a currency, as an everyday use tool. By looking at this situation, I think lots of people will be excited to have Bitcoin ETFs, just for the investment plans.
I know it's an arguable subject, whether it's necessary for Bitcoin to have an ETF or not, but this thing is demanded all over the world. Changing or maybe transforming the Bitcoin infrastructure.
It's nice to know your opinion about this.
We can't stop people from using it how they want, but there's no reason why it can't be both a currency and investment. Saving money should give you interest over time and that's how bitcoin is designed so the less comes into existence as time goes by, as opposed to fiat where more and more gets printed which devalues everybody else cash. If you want to use your bitcoins for payment for goods and services then you can, but those that want to hold it as a (potential) investment can also do so.
