Jul. 18, 2018
To whom it may concern,
I am writing to express my support for the proposed ETF physically backed by Bitcoin. I've spent a fair amount of time studying crypto-currencies, as well as the intricacies of blockchain technology, and it has opened my eyes to the many possibilities and use-cases that exist in this field. Although I am just one person in the world today, I can say with great confidence that blockchain -- the idea of a public ledger that keeps track of all currency transactions within a centralized or decentralized network -- will be around for many years to come, regardless of the passing of this ETF or not. The existence of crypto-currencies has never hinged on the approval of a specific bill, yet, I must admit that I do feel a bit of excitement when government agencies are willing to embrace an emerging global technology. It shows a willingness to adapt to an ever-changing future, one small step at a time.
The passage of this ETF would clear the way for institutional investors to invest in Bitcoin in a safe and regulated manner, rather than the methods they have been using thus far. It is no secret that institutional investors are already willing to take great risks in order to invest in Bitcoin. Under current conditions, they do so without the option of an ETF, which would not only be insured, but also offer custodial services to protect their assets. Creating a safer, sanctioned method for these investors to participate (via an ETF) would certainly be good for these institutions, as well as the U.S. economy.
Sincerely,
Aaron Perez