The Winklevoss twins, Internet entrepreneurs and venture capitalists seeking approval of their Bitcoin ETF by the Securities and Exchange Commission will know their fate very soon. This event is creating a lot of impact within the Bitcoin community and digital currency market as it could represent a major step towards the mainstream adoption of Bitcoin.

Tyler and Cameron Winklevoss are American twins born on 21 Aug. 1981. They are rowers who participated in the 2008 Olympics in Beijing. The Winklevoss twins are also known for their suit against the founder of Facebook Mark Zuckerberg, claiming that he stole their idea to create the popular social networking site.

President of Crypto Consultant Jason Cassidy explains:

“The Winklevoss Bitcoin ETF is an on-ramp for less tech-savvy investors who are looking to get involved and acquire some Bitcoin. It removes the still high barrier to entry that exists for most new entrants.”

Cassidy notes that the ETF is a derivative that represents the underlying asset that backs the investment, in this case, Bitcoin.

Bitcoin price underwent several huge swings, suggesting some varied expectations by investors.

According to Cassidy, the expected SEC approval could present any of a series of outcomes. He identifies such outcomes as:

Indefinite delay

The SEC will delay the final decision and push it out into the future. This could be due to an approval not coming down until the market is cooled off significantly.

Timed delay

No approval is given and the answer is not "No" but simply "Not right now." The SEC would be buying themselves time to do deeper analysis and let the market mature further.

Green light

The ETF is green lighted and clear approval is given. Cassidy sees the possibility of this happening at around 1 in 4 or 25 percent. “It could certainly happen, however, I would not bet on it,” he says.

However, Cassidy notes that part of the recent Bitcoin price run could have an ETF approval already partially priced in. Yet, he expects the market to react positively to an approval and a price spike to transpire. Also, a delay on the ruling or a rejection of the ETF according to him should have the same impact on the market, with a rejection obviously being more severe.

Cassidy adds:

“I expect the Bitcoin price to drop more from an ETF rejection than to rise from its approval. This is Bitcoin though so anything is possible and it is why I love this industry.”

Bitcoin attracts new entrants

The potential of Bitcoin as a store of value and its tendency to increase in price over a given period of time makes it an attractive venture for investors. Like stock exchanges, Bitcoin exchanges may offer individuals the opportunity to buy and keep the cryptocurrency on the exchange over a certain period of time. It attracts especially those who bet on Bitcoin price growth but are less tech-savvy or worry about Bitcoin thefts from their digital wallets.