July 12, 2018
With regards to the ruling on 08/10/2018:
Notice of Filing of Proposed Rule Change to List and Trade Shares of SolidX Bitcoin Shares Issued by the VanEck SolidX Bitcoin Trust.
I as an international investor based in the United Kingdom I would like to see this proposed ETF approved by the ruling board.
Bitcoin has undergone a meteoric rise since it inception in 2009 up until 2018 but has obviously since also incurred a meteoric decline in it's national and international value with fear after hacked exchanges led to rampant selling as was the case with the exchange Mount Gox (now defunct) back in 2014.
A framework for serious investors that is safeguarded by a governmental body such as the S.E.C. would see this technology safely popularized for retail and commercial investors alike who would see another safe haven as in Gold for their portfolio diversification. At present their is too much instability for these clients to invest.
The Bank For International settlements have found concern within their studies with regard to scalability issues as a form of digital currency to be widely traded in shops but henceforth this issue is with regards to an asset to be widely spent like an everyday fiat currency. This is not the the case as an ETF and store of value with limited amounts capped at approximately 21,000,000. This will inevitably see the value of Bitcoin (BTC) rise in the future. The SEC will be seen as a global trend setter by making exchanges, traders, investor, both retail and commercial alike legitimized and setting forth other nations to do the same.
I fear that if the S.E.C. does not endorse and pass this then other nations will take a faster approach netting many trillions in profit within a decade at most or possibly a few years.
Another reason for an approval would be that as Gold is needed more and more for technological reasons, Bitcoin (BTC) could free up that much needed commodity.
There is only a limited amount of Gold and their is only a limited amount of Bitcoin. There are many other similarities between physical Gold and digital Bitcoin that make me and my team of researchers in the financial sector see outside of muddied waters
Sincerely, Thomas Abercromby
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