In conclusion, bitcoin may be apart of the economical state of a country but it can never be embraced fully nor be more dominant over their own currency.
Maybe today it is true that bitcoin is not yet acceptable for the Government that is why they have rejected the bitcoin ETF, but who knows, maybe someday in the near future, bitcoin will be embrace by all the people around the world and of course the Government will embrace it too. We just have to give them some time for this one, to think whether they are going to accept bitcoin or not in the near future. But right now, I know that they are always keeping an eye on it, thinking if its really worth to give it a try for bitcoin.
And if this things happen for real, then we don't have to worry anymore about the bitcoins price going down, because I know that it will continue rising day by day, if this ETF will be approved by the SEC.