July 11, 2018
To whom it may concern:
I would like to give my full support of this Bitcoin ETF application.
I firmly believe that Bitcoin and Blockchain are among the most important technological advancements in recent memory and will greatly impact global trade and traditional financial markets. I believe that a Bitcoin ETF is essential to bringing this new asset class to investors in a safe, regulated environment.
I am personally invested in many cryptocurrencies, but I do see the reservations of many traditional investors who are reluctant to enter this space because of security concerns and volatility. Undoubtedly, mainstream adoption would mitigate much of the volatility in this market and streamline the development of clear regulation and normalization. I believe a Bitcoin ETF that has proper regulation and provides a safe and secured physical store for the asset represented is an essential step in the evolution of this new asset class and overcome many security concerns.
There has been widespread media attention on Bitcoin in recent months, and as a result, investors are now better able to evaluate the risks associated with this asset. The current ETF proposal ensures that risk to small retail investors will be almost non-existent with a single share of the ETF being tagged to 25 Bitcoins (currently $160,000). This ensures investment will be reserved for professional investors and institutions.
Continued rejections of Bitcoin ETF proposals leads many investors to deal directly with unregulated or inadequately regulated exchanges in order to purchase Bitcoin and cryptocurrencies. Increasing popularity has led to many exchanges becoming targets for hacking, price manipulation, and fraud, which is a major deterrent to many traditional investors. I believe that this ETF affords an opportunity for American companies to profit greatly by providing risk management and wealth management solutions to their customers, which is key to beginning this process of safe and regulated mainstream adoption.
It is essential that the United States embraces this new innovation in monetary exchange, to continue to be a world leader in finance. If this solution is not implemented the SEC will in a sense encourage eager investors to seek alternative solutions which may be subject to less oversight and security, increasing the likelihood of fraud and potential theft.
I call on you to please approve this Bitcoin ETF proposal, ensuring that the United States gives an example to the world for continued support of innovation in this space and to provide stability to this emerging market.
Regards,
David Devai