July 11, 2018
Hello,
For my comments on the BTC CBOE ETF:
I personally would like to see this happen for several reasons.
The first of which is, there is plenty of market manipulation in the cryptocurrency space and while I know it would happen with the ETF, I would prefer it to happen under the watchful eyes of the government. While this may seem contradictory to BTCs purpose, I find that by having the government watch the known manipulators, the public will be more informed on who is manipulating the markets and it will be easier for action to be taken. BTC was in fact made so all transactions can be publicly verified and the government is simply a tool to make it easier for the public. By allowing the ETF, the increased volume and cash flow will be able to dwarf the current market. Current manipulators will find future efforts less successful under the pressure of significantly more money.
Secondly, I would like to discuss the need for additional markets, separate from traditional finance. This will allow for better risk management, especially when we have not had a significant market correction in a decade. The necessity of an ETF is to keep larger institutions investing by offering more markets to hedge their investments. I do not believe many individuals or institutions are willing to enter into the cryptocurrency market without a ETF available. I know individuals who are specifically waiting for this.
Thirdly, I believe this will help to mature the cryptocurrency market. While this may coincide with my first opinion, I believe the market maturing will lead to much more. The potential of additional investments and utilization could see the use of cryptocurrencies expand exponentially. By allowing an ETF, the average American will likely be hearing about BTC for the first time. Through cheap fees and great utility, it is possible that some cryptocurrencies will see wide spread adoption as a primary or intermediary form of payment. With the increase in cash entering the market with an ETF, it would stabilize the most secure currencies by decreasing volatility.
Lastly, the USA was built on free trade. I believe BTC will help achieve that and by allowing the ETF, more institutions will cooperate to work in the cryptocurrency field and develop or mine. By securing the BTC network early through vast nodes in the USA, its possible the country could become the world leader in cryptocurrency and be able to help control corruption abroad from free citizens at home. With the introduction of more efficient solar energy collectors, we can offset the electricity cost while providing financial services to all for fees substantially smaller than the banks can offer.
Thank you for your time.