Jul. 20, 2018
Greetings SEC,
I'm writing to encourage you to approve the Bitcoin ETF that CBOE is proposing for the following reasons:
-There is no question Bitcoin is a volatile asset, but its value has grown steadily since inception and it will continue it's upward trend as there is less liquidity in the market due to the limited supply. It has sparked the interest of the younger generation and given them an incentive to save money, so it can be invested. The younger generation does not have access to savings accounts that pay the high interest rates previous generations enjoyed. Cryptocurrencies in general are an onramp for Millennials to start investing and over time their investments will expand into the regular stock market, real estate and other traditional investments. The millennials have the power in numbers to move the markets more than previous generations and I believe investments in Bitcoin and other crypto assets are attractive to them along with other investors that are familiar with the technology. Blockchain Tech is here to stay and America should lead the world by putting the appropriate regulation and investment vehicles in place or we'll be left behind as Asian and other markets take the lead.
-There are now custodial solutions in place that protect investors that are not comfortable holding their own private keys.
-Bitcoin's supply is fixed and regulated by code. It's a valuable deflationary asset and should be considered "sound money" Is it sustainable to continue to print more fiat currency while our debt rises rapidly? Bitcoin is an opportunity to balance our books if it ever gets full adoption as a worldwide currency.
-Blockchain technology will create new jobs in the tech field and will spur innovation that will majorly impact a wide array of existing industries. We should embrace this technology and strive to learn more about the positive impact it will have on our economy.
-Bitcoin is demonized by people that don't understand the technology and it's easy for them to spin a false narrative about it being used for laundering money and buying drugs. Bitcoin transactions could not be more transparent. Everyone that runs a full node has a complete record of all transactions, which can be traced. Cash is the preferred vehicle for money laundering and drug purchases. There are studies that have been done that prove Bitcoin is rarely used for illicit transactions.
Think about your children. How will they fare as our trade deficits continue to grow and our tax revenue isn't sufficient to continue to pay social security when today's youth retires. Give them a chance. We owe this to them.
This is a step towards positive change. Let's take that step.
Thank You,
David Kaiser