After the Bitcoin ETF was rejected by regulators from the SEC, many digital currency investors were still waiting for the debut of this asset on Wall Street.
But how long will Bitcoin go to Wall Street? And will this Bitcoin become mainstream on the market later?
Also read: Prices of Bitcoin Can Rise Much Up to $ 13,000: Factors & Trends
As a result of the SEC's decision, many industries assert that rejection is like an insult or accusation. They argue that the bitcoin market is not yet mature, so the product cannot be offered to retail investors at this time.
The SEC is actually an institution that ensures that investors must be protected, observers stress that investors and consumers must be protected in the bitcoin ecosystem.
"The SEC considers that the bitcoin market does not have the structural protection and controls needed to support ETF products."
"SEC nightmare scenarios if they approve Bitcoin ETFs, there will be a flood of money and then there will be another very big hack event where millions of Bitcoin will be stolen or something happening on one of the Chinese market exchanges," Mark T Williams, a professor at business school Boston University and a former bank examiner at the Federal Reserve.
Given the rapid rebound in bitcoin prices following the ETF announcement on Friday, another question regarding Bitcoin's approval on Wall Street will eventually become an important role for bitcoin's legitimacy later.
Mati Greenspan, senior market analyst at eToro, voiced the same sentiment in the bitcoin market, confirming his belief that cryptocurrency does not require SEC approval to gain legitimacy.
"Even though bitcoin was unstable when the announcement of bitcoin ETF from the SEC was published, the increase in Bitcoin prices showed an increase in confidence in assets," he said.
Observers believe that success in this operation could potentially be a better bridge to Bitcoin for the wider community.