Jul. 18, 2018
To whom it may concern,
Thank you for your thoroughness as you consider the Proposed Rule Change to List and Trade Shares of SolidX Bitcoin Shares Issued by the VanEck SolidX Bitcoin Trust.
The VanEck Bitcoin Trust and others like it can significantly diversify retirement investments for individuals and institutions. Even more than REIT funds, this trust would enable investors to diversify with an asset not correlated to equities or bonds. The existence of capital from these funds would increase liquidity and decrease volatility of Bitcoin immediately.
The fund that is approved must hold an equivalent amount of Bitcoin as the underlying asset, and not function based on a futures or derivatives market. It is not a perishable commodity, but an inflationary asset. However, individual investors and institutions can more safely and conveniently gain exposure to this asset class through listed shares of a Bitcoin Trust. The exchanges today are fraught with hacks, insecurity, and technological know-how without the conveniences and security of a retail investing account.
Thank you for considering my comments. The protocols of Bitcoin have changed significantly in the 10 years of existence, but the underlying inspiration of a trust-less, decentralized store of value has remained strong. With the proper regulation, the public at large will benefit from greater access to it.
Daniel Murray