I keep reading about the possible ETF SEC approval, but could anyone explain to me what it means? It means exchange traded fund, but there already are bitcoin exchanges in the US right? I'm confused.
Think of it like a fund that trades Bitcoin for you, so you put in $100 and, if they make 5%, you get close-ish to 5% on your investment, making you now have somewhere close to $105, after fees are taken of course.
Typically they outpace inflation and are actually pretty good, but a lot of variables can affect profitability.