July 12, 2018
I am writing in support of creation of a Bitcoin ETF. Bitcoin represents a new asset class backed by an extremely secure blockchain ledger. I like to think of it as a combination of both cash and gold. Bitcoin gives two parties the ability to transact over the internet without a trusted 3rd party.
Recent theft issues associated with bitcoin and other cryptocurrencies are largely due to unregulated exchanges. Bitcoin in an ETF can be stored safely by keeping the private keys in an offline storage system. A bitcoin ETF will allow investors to purchase and hold bitcoin without the risks associated with the exchanges.
Sincerely,
Robert J. Hoyer