At this moment there is a bearish feeling in the market, there is a bit of pessimism, a lot of people have invested and today they are suffering because they have had the hope since the beginning of the year that bitcoin will recover, they may have read articles or seen videos where they said not calm in february better because this is the problem of holidays, then wait for the Chinese New Year, then wait for June if it is time, then not July is the time, etc, now the time is going to be September 30 when the decision of the ETFs by the SEC, but in the end unfortunately the market is having problems in their recovery.
This year there have been more than 15 requests of ETFs to the SEC that allow to create an ETF to be able to make another type of trading on bitcoin, having it as an asset so that in theory more money enters the crypto market, throughout 2018 The subject of the SEC has been much more important than the issue of improving bitcoin for example in its scalability and having something that really works towards that idea of being something that holds value or that can be the electronic money that the first whitepaper proposes.
Blockchain is a new technology that still has many failures and part of what the SEC should look is not the asset but the guarantees that the company wants to get the ETF because it does not owe, but it is undeniable that bitcoin has many failures not is still scalable, who knows from here how many years will continue to work and in reality at this time people see it more as a speculative asset that I hope will reach 20 thousand dollars, I hope it will reach 100 thousand or a million in 10 years, but what will be in itself the real value that bitcoin will be worth if we have not worried about making the bitcoin really improve, in the end have an ETF and be a speculative asset even though the ETFs are supported with bitcoin ,What people are doing is trading on the value of bitcoin and not really believing in its functionality and its use.
Gold was once the support of money that is why we had the idea that gold was worth something and supported something, at this moment the bitcoin does not support anything the bitcoin is the same, I am one of those who believe that for the bitcoin to return At those levels we were before, it has to begin to really demonstrate functionality and real usability.