July 18, 2018
To whom it may concern,
Bitcoin has no owner or authority that can set its fate. It is owned by the public - its users. It is evident that the Bitcoin-genie has escaped from its bottle, as interest by individuals, corporations and governments has continuously grown since its inception - hence why this very same call for comments on this Bitcoin ETFs has emerged.
For a currency to succeed, it needs to be Scarce, Fungible, Divisible, Durable, and Transferable. Bitcoin has all of these properties and is designed to improve on these technologies. Bitcoin is growing as a decentralized, politically neutral, free-market alternative to national central banks, with potentially immense implications for individual freedom and prosperity. To many, Bitcoin's mere existence serves as an insurance policy that will remind governments that the currency is no longer their monopoly, and provides them with an exit strategy to the current economic system.
A lot of people see tremendous potential, need and benefits for Bitcoin. The absense of ETFs will not prevent people from investing in Bitcoin, but will force them to absorb far larger risks when doing so. Exposure to such risks can be controlled and mitigated against if things are done in a regulated manner, and hence the need and desire for the approval of this ETF. Furthermore, it is imperative that this ETF maintains a physically-backed Bitcoin, as it increases stability to the market through magnified liquidity.
The approval of this ETF would exhibit maturity in the cryptocurrency space to a wide range of industries, thus attracting more capital which in turn would lead to a better economy as more companies would be established. This would result in the creation of new jobs, and is an opportunity for the USA to establish itself in this new sector. Each country, state or nation can either embrace this new technology and be at its forefront, or merely stand by and watch as American entrepreneurs and investors move offshore.
Michael Psaila