Jul. 22, 2018
Dear members and representatives of the Securities and Exchange Commission ("SEC").
I hereby state my acceptance and full support for the proposal of Bitcoin ("BTC") Exchange Traded Funds ("ETF"s").
A few reasons for my acceptance are the following:
Technology is known to progress is a logarithmic fashion; what exists now may be astounding in comparison a decade ago and what exists now may be deemed dull in the next decade. As a result, technology and traditional means of currency go obsolete or may become devalued over time as new products and processes emerge.
Bitcoin, presents a unique scenario in which it utilizes a new kind of technology, called blockchain technology, and can be used as a global currency. This means that a citizen of another country can invest in international products that is unavailable to them in their own country (due to a lack of banking products or even a bank itself), allowing for an influx of currency into a country's economy that would be previously inaccessible by traditional means.
Due to the underlying blockchain technology, transactions are recorded, transparent, and immutable. There is also no single point of failure as there is no single entity controlling the records/ledger. Bitcoin and its underlying technology enables the sending of money to loved ones, business partners, and other patrons with a few clicks/keystrokes, and unlike current platforms offers low fee's (which are continuously being lowered) for small transactions, allowing for the citizens of a country to have more money to spend in the country itself - Additionally there is a fixed supply allowing for further stability of volatility, relative to traditional currencies, upon reaching critical mass.
As mentioned, what makes Bitcoin different, in regards to traditional means of payments, is its international presence. This is both good and bad; good because it may create a need for countries to work together and figure out how to properly use this currency/technology in their societies and bad because this creates relatively, time-sensitive economic pressure on countries to adapt. This time sensitivity is an unfortunate consequence of a global currency, as it presents a case for countries to adapt and incorporate the technology or not. Every country tries to boost its economy the best it can and a countries economy dictates its "status" in current global financial markets. In a sense, there is a technological race unfolding.
Universities, corporations, knowledgeable individuals/professionals, and influential peoples have been, are, and will continue to study, comment, utilize, and improve this technology. As with all technological improvements It is essential keep an open mind to the research and financial facts, around this time-tested technology.
I'd like to end my comment with the following : We can think of Bitcoin, as the Internets money. The internet, as we know, is an essential part of our modern society. The internet is not only a way to communicate internationally, entertain oneself/others, access an unlimited amount of information, transfer fiat currencies, overall enhance ones/others life experience, etc.; but it could also be thought of as its own world - A global society, in a sense. Just as in traditional society we having voting, currency, products, laws, etc.; All these have the possibility to exist on the internet, on a global scale, to create a "global society" in which transparency, security, and immutability are the predominant driving forces - thanks to Bitcoin and its underlying Blockchain Technology.
Many thanks,