July 21, 2018
I have serious concerns about the potential listing of a Bitcoin or any other crypto currency ETF.
Crypto currencies appear to be little more than speculative commodity where any buyer must wait for the greater fool to come along and purchase the coin from them at a higher price.
Crypto currencies are also very vulnerable to price manipulation. With a large amount of the market cap concentrated among few investors.
The coins have shown limited legitimate use cases as a currency. An ETF will do nothing to fix that problem.
An ETF will expose investors to a commodity that's primary purpose at this point in time is black and grey market transactions such as human trafficking and drug purchases.
Until the crypto currencies have shown some resistance to money laundering, price manipulation, fraud, and other illegal activities it would seem reckless of the SEC to approve listing of any crypto based securities on any exchange.