July 18, 2018
I believe that the bitcoin ETF should be approved for a lot of reasons. Firstly, the ETF would allow lots of people a safe way to invest and give investors protections. Currently, people will generally just buy some bitcoin on coinbase, and leave it on the exchange. If you know anything about bitcoin, this is a very unsafe practice because you are leaving your money on an exchange and not holding it yourself. However, tons of new investors do this because it is easier and a lot more convenient. With an ETF, investors could buy and hold bitcoin with the necessary protections so they don't get scammed. Another reason the ETF would help would be for institutional investors, currently, an institution has lots of hoops they need to jump through if they want to hold bitcoin securely. They do have options with multi-sig wallets or leaving it on an institutional exchange account, but with an ETF it would make it a lot simpler for investors because they would trade it the same way they trade lots of other assets. The Bitcoin ETF should be approved not only for the bitcoin space to grow but so the rest of the world can grow with it.
Thank you