July 13, 2018
I am glad to see the SEC opening this proposal for public comments. Bitcoin, and cryptocurrencies more generally, are an incredibly innovative technology poised to improve and strengthen global financial systems and commerce. Bitcoin's characteristics of decentralization and limited supply make it a fantastic mechanism to store value over long periods of time, while at the same time being a particularly secure means of transacting instantaneously around the world. In a global economy, one of the largest hurdles in commerce is cross-border payments which often involve the conversion of funds between numerous forms of fiat currency. With Bitcoin, we now have the possibility of having a single currency that is valued against each nation's own fiat currency locally, but transferred without conversion across borders. This is an extremely valuable quality, and offers a unique investment vehicle for retail investors who in most cases are unable to enter the market for a new technology when they can afford to do so because of high bars for entry placed on accreditation of investors at that stage of adoption.
With a Bitcoin ETF, retail investors will have a safe (safe meaning secure and regulated, not risk free) option to gain exposure to what could be the future global currency at an early stage, significantly growing their wealth by storing their value in a deflationary monetary vehicle.
Bitcoin is a win for the investor because it promises a deflationary store of value, it's a win for the government who will be able to monitor taxation more easily through registered exchanges in the United States, and its a win for global commerce because it lowers barriers to entry by removing the hurdles involved in centralized banking.
The United States needs to be a leader in this space, rather than waiting until another country seizes this opportunity thereby siphoning funds outside our borders. For that reason, I respectfully submit my support for the approval of the CBOE Bitcoin ETF.