We do not need Bitcoin ETFs, we are the select few who know how to hold bitcoin. However, there are at least 6 billion people who don't know how to hold bitcoin. I feel like an ETF would help them out.
You are exaggerating that as many as 6 billion people need such an ETF, because more than 40% of the world's population currently does not have access to the Internet, and at best, of those who know what Bitcoin is, maybe 10% would really invest in it. Such an ETF would primarily be an entry point for wealthy individuals and for all those who still consider Bitcoin to be something very risky and under-regulated.
In addition, such ETFs already exist in the world (Canada), but when we get the first such fund in the US, in terms of positive news, it will mean more than anything that has happened in the past year. No matter how much we talk about decentralization and that Bitcoin doesn't need this or that, the legitimacy it gets from the government pushes it forward - we all know what would happen if they went against Bitcoin with all the means at their disposal.
