In my opinion, No, Bitcoin is there because people have found value in it. Companies and organizations have realized this technology can actually change the world we are living in, where your central authorities get failure a decentralized method can provide way more reliability and security.
Bitcoin has been there since 2009 and no approval was there even. Even it doesn't get approved now, BTC is not going to stop. Because believers are not quitting. With approval it can be a part of the system, without approval it's going to survive and soaring in the grey market. @xeniaioannou