July 12, 2018
Bitcoin is the future of money, of that there can be little doubt. The technology has shown censorship resistance, resilience and has backed up many failing national currencies as a result. It is also fungible, and anti-inflationary, a far cry from many national currencies.
If any form of currency could one day be considered a 'world wide' currency then it is Bitcoin. This is quite an achievement for a technology that is only one decade old. Imagine what the future can bring, with one day (perhaps), one Satoshi (the lowest denomination of a Bitcoin) becoming the equivalent of one U.S. dollar, it simply needs wider adoption to make this a reality. If the U.S. is unwilling to see the potential of the Bitcoin technology, then other countries will, in time.
I believe that the SEC should permit a Bitcoin ETF, to give legitimacy to the technology and to promote its use as a decentralised store of value (a world wide savings account, if you will), as well as its use as an international means of exchange. With the increased liquidity that an ETF would bring to the space, and the mass adoption that would surely come as a result, it would bring stability to the currency, and truly facilitate its worldwide adoption.
However, should such an ETF be approved by the SEC then I would strongly urge consideration to requesting that the providers of the ETF physical buy / own the resultant Bitcoin, rather than simply making an ETF yet another paper based speculation against Bitcoin, like Futures.
Regards, David Corden.