Oct. 15, 2018
Investor Comment on File No. SRCboeBZX-2018-001 Good evening to whom it may concern, I am issuing my statement of respectful disapproval of the decision made in File No. SRCboeBZX-2018-001 and similar ETF denials on the basis of their relation to Bitcoin. With many institutional investors getting into Bitcoin such as Fidelity, ICE, and even many large corporations like Microsoft, Starbucks, and Dish Network, having an Exchange Traded Fund for Bitcoin would be extremely beneficial to investors who do not like the volatility of Bitcoin since they would not have to buy the actual asset. If volatility is a concern, you should understand that the young cryptocurrency market is maturing extremely fast and its volatility over the past year alone has decreased in half. If security for investors of Bitcoin is a concern, having an ETF they can invest in also protects their assets because a retail investor investing in Bitcoin from an exchange such as Mt. Gox is less protected than a retail investor investing in a Bitcoin ETF who's assets are protected and cannot be stolen. The best way to protect the investors who are investing in Bitcoin is to allow them to buy shares of Bitcoin ETFs, which will help grow and mature the cryptocurrency market faster, increasing the profitability of Bitcoin mining and incentivizing tech firms to create faster and better technological infrastructure to trade and use Bitcoin, while developing wallets impervious to cyber attacks. Bitcoin is not very far off from this but giving institutional and retail investors more (and safer) access to it would greatly speed up this process with the positive externality of boosting the economy as a whole. Thank you for your consideration and service to this country, Peter Cordi