But what’s the point of Bitcoin then? They might as well put anything in these ETFs and it’d be the same thing then: the flat rocks in my garden are limited in number and very scarce, wanna put some in an etf?
Frankly we could probably get our rock ETF's approved more quickly. Regardless of how you feel about Bitcoin, it's not (or shouldn't be) the SEC's place to play nanny and dictate the particular assets/commodities/etc. in which you're allowed to invest your money. Incidentally even one of SEC commissioners agrees https://www.sec.gov/news/statement/peirce-statement-spot-bit...
But I agree with the fact it’s not the SEC’s role to tell us the merit of btc. I do have some worries on the Tether scam still going on for example though, which has been manipulating BTC for years.
Now Tether owns tons of money, and can buy treasuries that bring few % of interests, and these interests are not paid back to USDT holders.
As a result, overtime, they'll be able to fill-in any potential gaps or money accidentally lost.
Edit: spelling
Also, limited in number and scarcity only partly define value. In addition to these properties, other people must agree with you.
If your flat rocks are scarce and people want to invest in them, by all means…