Jul. 23, 2018
Dear SEC
While majority of the comments contributed are in favor of bitcoin ETF, I would like to raise a strong warning against it as it constitutes no rosy future as Blockchain technology may. Public should be aware of the risk embedded in ‘bitcoin’ as an asset as it sits on the highly volatile market where distribution of coins are unevenly formed by small number of holders across the world (1% of addresses own 80-90% mined coins) who could manipulate prices effortlessly over the fake news. Also, sky-rocketing mining cost and inevitable hike of transfer fee (soon it will be only source of revenue for miners) will cast doubt to sustainability for a public investment tool. Bitcoin ETF would only serve as investing fads.
Regards
Johnny.I