July 18, 2018
To whom it may concern,
I do not believe a Bitcoin ETF is right at this time for many reasons.
Just to illustrate a significant point I do not believe that the vast majority (99%+) of people who have written in supporting this proposal have actually understood what this ETF is about and whether they will be able to participate in it.
If I have read the proposal correctly, then each share will constitute of 25 Bitcoins which at $8,000 per Bitcoin would make the value $200,000 per share I do believe that most of the people writing in support of this proposal would be unable to afford to buy into such an instrument.
This means that they are merely hoping for a price appreciation similar to what we had in December 2017. Already we have had a price appreciation of Bitcoin of over $1,000 in a week ($600 in the last day) since the news of the ETF was made public and that institutional investors were getting into the game.
I am sure institutional investors will not be at a loss if this ETF was not approved and I am pretty positive retail investors need to be protected by yourselves.
Many Thanks,
Daniel