July 11, 2018
Hello,
In regards to the SR-CboeBZX-2018-040 as a new ETF I support this decision.
Pros
1. Easier access- Investors need wallets to trade the physical Bitcoins today, making it hard to access. ETFs are frequently traded and highly accessible via investors' brokerage accounts.
2. New money- Bitcoin ETF will open the floodgates to an enormous tsunami of fresh capital entering the space. This will be good for the government relating to tax purposes.
3. Liquid market- ETFs are actively traded and highly transparent.
4. High integrity- ETFs are traded through brokerage accounts that carry with them insurance via SIPC. ETFs pays for extra insurance coverage in case of theft. Whereas, Bitcoin exchanges have no such insurance and expose holders to potential fraud and theft.
5. Growth- The volume continues to grow and in the near future reach levels comparable to those of other commodity futures products at the time that they were included in ETPs. The total crypto marketcap will be in the trillions.
Cons
1. Taxes- Individuals have to pay for capital gains
2. Unknown- New asset
The crypto market is nascent compared to the other markets, but I strongly urgue the SEC to consider approving Bitcoin ETFs so individuals can safely invest. Thanks for your time.
Kindest regards,
Rallyqt