Subject: comments on SR-CboeBZX-2018-040
From: Jose Costillo

July 11, 2018

Dear SEC regulators,

A Bitcoin ETF approval by the SEC is necessary for the following reasons.

First. Bitcoin is the first cryptocurrency ever made designed to be deflationary a much more efficient than traditional currencies printed by central banks

Second. The Bitcoin network cannot be hacked and is 100% transparent, so it could be the solution for tracking every single transaction made in it.

Third. Bitcoin is actually backed by the amount of energy, equipment and overhead used to create each of them.

Four. US financial institutions are actually willing to buy Bitcoin, but they need a financial vehicle regulated by the SEC in order to do it. Thus, an ETF would need to be approved sooner than later.

Five. Peer to peer transactions are “light years” more efficient than the traditional swift “wire transfer” which takes 2 to 3 days to settle. On the other hand, a transfer of any amount through the Bitcoin network can take less than ONE MINUTE. Thus, Bitcoin mass adoption is unstoppable.

Six. A Bitcoin ETF will work as a hedge against stocks. Which will be necessary during a recession.

Seven. Cryptocurrencies will replace the traditional transaction system for equities, bonds, ETF, FX, and mutual fund. Not doing so, is like keep using paper mail instead of EMAIL.

Eight. A delay on the Bitcoin ETF approval will bring more issues than benefits to the overall financial environment of the United States. The Bitcoin network is decentralized and is not owned by anybody and its coins will be mined even if it is declared “illegal”.


Therefore, decentralization, limited supply, transaction speed, and low transaction costs are the main benefits of Bitcoin to the financial institutions and the average users. This Bitcoin ETF proposal needs to be approved in order to move forward with the future of this brilliant technology.