Jun. 16, 2021
U.S. Securities & Exchange Commission, This message is related to inquiries regarding public opinion on the recently proposed bitcoin ETF. Small investors like myself across the United States embrace Bitcoin and many different crypto currencies. When we make an investment we are fully aware of the risk involved. Just because Bitcoin is volatile or institutional firms are hesitant to invest in it doesn’t mean that it should be discriminated against. A Bitcoin EFT would be just as susceptible to market manipulation as stocks like GameStop, AMC or Tesla which are already currently traded on US exchanges. Certain individuals are able to mention anything or act in a certain way which can ultimately manipulate the market. Bitcoin has been a volatile asset since it’s adoption, so to blame recent swings on market manipulation is not a valid argument. Bitcoins liquidity is extremely transparent as investors have access to a treasure trove of data from sites such as CoinMarketCap that track every technical feature. Regulatory views have changed drastically towards crypto currencies since 2016. This can be seen in numerous states such as Wyoming, Texas and Florida all actively adopting Bitcoin legislation. These changes along with numerous companies incorporating crypto tokens including Square, PayPal and Visa prove Bitcoins resiliency which further justifies its listing. Chinas recent crypto crackdown gives the US an extremely lucrative opportunity to become the international crypto leader among the world. This would boost our economy and and in turn increase Americans quality of life. It wouldn’t only benefit the United States but it would allow people across the world access to modern financial systems, people who don’t have access to traditional banks. This will increase the chances of achieving the equity goals outlined by Jerome Powell in the states and abroad. People refer to Bitcoin as an illicit asset that is used for crime. If we took that approach we would have to ban US dollars because cash is frequently used for illegal activities, arguably more than Bitcoin. The department of justice recent seizure of the colonial pipeline hack proved that it can be traced and criminal ransoms can be seized. The more the US invest in cyber security the more these types of issues will decrease. This along with fair regulation will bring more institutional firms into the crypto space. Crypto tokens are an emerging technology that has infinite potential. I would urge the SEC to authorize Bitcoin and crypto related ETFs and assets as it is a matter of economic survival. Michael Bofman