July 12, 2018
To the members of the SEC,
I would like to express my view on the proposed rule change to allow the first regulated Bitcoin ETF. The passage of this rule to allow an ETF investment option would in my opinion solidify the United States' position as a global leader and supporter of innovation in what I hope to convey properly is a modern day renaissance period that is just in its infancy of potential.
The current state of Bitcoin and the underlying blockchain technology behind it is very debatable in terms of its original intended purpose as being used an alternative peer to peer currency in relation to central bank managed global fiat currencies. Bitcoin for all intents and purposes today pretty much serves as simply a store of value not much unlike how global governments view gold reserves. The approval of an ETF would likely make Bitcoin more scare and vastly more expensive as mostly institutions from my understanding would now have a direct and regulated avenue to safely invest in this seemingly precarious new asset class. This would of course proably continue to make a few people very wealthy from timely investments in Bitcoin. However, I see a much greater prospect that will be heavily yet indirectly influenced by this impending financial adjudication.
Bitcoin, nearly a decade old at this point, was a novel and somewhat rebellious idea that was clearly ahead of its time in 2009. However, the last 9 years has finally seen society for the most part catch up with and catch on to the ideas presented in the original bitcoin whitepaper. This is firmly evident given every major economy on earth is having to discuss Bitcoin and the ecosystem it has spawned.
Personally, I am no fan of Bitcoin in its current state. It's horrendously slow in terms of comparable speeds of major transactional networks when under heavy public use, its quite confusing to use to the average non-technical person, and although claims of decentralization are heralded we all know China is really in control of Bitcoin at this point from a network support and mining prospective. Yet, the ideology of Bitcoin and blockchain technology has inspired brilliant people all over the world to improve upon those ideals and apply them in new and fascinating ways that stand to totally reshape how society and global business sectors function in the future.
There are alternative cryptocurrency projects currently under active development from some of the top business and academic minds in the world that will be directly impacted for the better with the passage of a Bitcoin ETF and the possible associated influx of approved investment capital. Bitcoin and to a lesser extent Ethereum are the sole currencies in most of the online exchange markets of this new unfolding world of innovation. These projects get initial funding and then can only be bought and sold by utilizing Bitcoin or Ethereum as mediums of exchange which for the foreseeable future ties together the fates of these alternative cryptocurrency projects to the success and capital inflow into the world's first crytpocurrency - Bitcoin. If Bitcoin is successful and considered valuable then an entire ecosystem of revolutionary technology across almost every major business sector will be successful in these very early days.
On the contrary, yes there are also lots of scams and horrible projects that will be continue to be given legs with the emergence of Bitcoin as a major investment vehicle. However, we all know that the thousands of sham companies and schemes found on OTC markets in the form of penny stocks doesn't outweigh the benefits of the $100 trillion valued global equity markets around the world once properly regulated by the likes of vigilant governmental entities like the SEC. An approved Bitcoin ETF would undoubtedly yet indirectly increase the value of an entire ecosystem of projects tied to its success. As the tied value of Bitcoin would be passed onto legitimate alternative tokens this would allow these associated project teams to hire more people across the world, create better awareness and education of actually using blockchain technology, and create new career opportunities that do not and cannot exist today in a world that is about to change drastically for billions of people due upgrades in technology such as artificial intelligence and machine learning.
The United States should be a leader in this effort by approving a Bitcoin ETF as soon as possible. The global ecosystem of crypoturrency is here to stay and is moving on rapidly withoutthe full force of American ingenuity behind it. We as a country have a unique opportunity to put our official stamp as the largest economy on earth as a global leader in helping push the greatest technological revolution and opportunity since the Industrial Revolution into something that greatly benefits the American people now and for countless future generations.
Below I've listed some legitimate alternative crypotcurrency projects that have world changing ideas in my opinion that would greatly be benefited from the passage of a Bitcoin ETF and the associated increased value of Bitcoin which these projects must be currently purchased in on global cryptocurrency exchanges and which their day-to-day budgets to grow as companies are also tied to.
1. Bloom (https://bloom.co/) - Bloom (an US based project) is creating a decentralized credit scoring ecosystem that hopes to bring transparency, global accessibility, and opportunities for the billions of underbanked through cryptocurrency and blockchain technology.
2. WaBi (https://www.wacoin.io/) - WaBi is creating an cryptocurrency based incentive system with associated hardware to fight against the global problem our counterfeit goods.
3. SingularityNET (https://singularitynet.io/) - SingularityNET is buidling a global platform to allow anyone to freely utilize and share AI based algorithms and knowledge to efficiently improve countless business sectors around the world
4. Votem (https://votem.com/) - Votem is bringing the immutable and incorruptible premise of blockchain technology to voting. Blockchain is the key to mobile voting and finally ditching outdated election polling stations therefore increasing turnouts in elections on the local, state, and federal level.
5. Origin Trial (https://origintrail.io/) - Original Trail is attempting to modernize global supply chains to actively track and manage goods across an entire supply chain from their source to customer outlets. This process can be automated and create trillions of dollars value for companies around the world.
These are not just blockchain project examples, these are cryptocurrency project examples. The cryptocurrencies in these projects are the lifeblood of these various platforms as their utility function incentivizes the adoption of these new technologies on a massive scale throughout the globe. They also have the ability to create brand new jobs roles for the companies and entities adopting the technology and the project teams themselves as the value of their budgets (from holding a portion of the sold tokens themselves) would increase indirectly through the price of Bitcoin which is tied to the impending Bitcoin ETF decision in most people's minds.
I would sincerely like to thank the members of the SEC for reading my viewpoints and possibly considering them in their decision.
Sincerely,
--King Crypto | The Crypto Consultant
Phone: +1 313-550-3966| Atlanta, GA United States
Website | http://www.thecryptoconsultant.guru