Jul. 19, 2018
To whom it may concern,
I am writing to suggest that the SEC approve the proposed Bitcoin ETF applied for by the CBOE. I will briefly explain my reasoning below.
In the summer of 2016 I became heavily involved with bitcoin and other cryptocurrencies after I researched its underlying technology, blockchain. I realized the applications that could be built not only on public and private blockchains but more specifically the applications that could be built on top of the bitcoin blockchain. The properties that make building on top of the bitcoin blockchain promising are its immutability, fungibility, and scarcity. I discovered that combined with it being the longest public blockchain, having functioned since 2009 without error, Bitcoin, specifically, is an extremely durable and investment worthy asset to not only build upon but also to invest in.
I am writing the SEC because I want everyone to have access to this asset class. Sure, anyone that wants to procure Bitcoin today can do so however, there comes with the procurement a learning curve.
I do not believe that the average investor should have to learn the nuances of procuring bitcoin such as downloading exchanges, public and private keys, hot wallets and cold storage, mining algorithms, and all the other technical issues that comes with procuring Bitcoin in today's market place in order to have access to the asset itself.
Just in the same way the average investor does not have to understand the nuances that come with procuring gold such as geographical conditions best suited for finding gold, government licensing and permits required by each individual jurisdiction to mine for gold, the best equipment to use to mine gold in varying geographic locations, and so on to have access to the asset itself.
I believe the proposed CBOE Bitcoin ETF is the safest and most reliable way for the average investor to get access to Bitcoin. Should the SEC approve this ETF, the average individual would have access to Bitcoin in the same way they have access to Gold. This ETF will reduce the risk to the average investor with zero technical knowledge of how to procure bitcoin by eliminating the learning curve associated with buying bitcoin in the open market place today. We do not require an individual to acquire the equivalent in a masters degree in geology and mining techniques to have access to the asset class of Gold. An understanding of the underlying properties of the asset such as scarcity, immutability, and use, among others, are sufficient for the investor to make an informed decision on whether to invest or not. This applies equally to Bitcoin.
In approving the CBOE Bitcoin ETF the SEC would allow the average investor safe, reliable access to one of the most promising asset classes in existence today. Bitcoin exists today and will continue to exist into the future. If an investor wants to procure Bitcoin today, he or she can do so. In approving the ETF the SEC will be protecting the average individual who wants access to this asset class by allowing he or she to procure bitcoin through regulated exchanges and brokerage houses without taking unnecessary risk.
Thank you for your time.
Josh Vehovic