Bitcoin shrugs off the SEC.
This weekend has been a rather gloomy one for bitcoin enthusiasts. On Friday 11th of March the much-anticipated Winklevoss led ETF decision was announced by the SEC in the United States of America. An ETF can simply be described as a situation where institutional investors get more involved with bitcoin as investments, like pump more money($million$) into the Bitcoin economy.
The proposal had been four years in the making and the public were very optimistic that it will get approved albeit most of the experts expected a disapproval.Well it was rejected based on SEC being unable to provide consumer protection & total oversight/control of the bitcoin network(those were the reasons they stated).
Bitcoin was trading in the $1200 range just before the decision was announced and shortly after plunged to $950 but stabilized in the $1150 range(its floor price recently) . Well here lies a silver lining that many in the bitcoin community see. This silver lining epitomizes one of the main characteristics of Bitcoin, it is not controlled by one country it does not depend on the policy of a country, Yes it can be affected but it is independent from any central bank authority.
This is a clear illustration of what decentralization is, no government control, no bank control, nobody controls it. This is what the creator(s) of Bitcoin aimed to revolutionize and slowly but surely mainstream adoption will be actualized as the Bitcoin Blockchain becomes the future of finance.