On June 26, 2018, Cboe filed a Bitcoin ETF application with the U.S. Securities and Exchange Commission (SEC). The document has been made publicly available and people can comment on it to help the SEC better understand public opinion. And until July 11, more than 210 people commented on the motion on the SEC’s website.
Crypto enthusiasts are eagerly awaiting the SEC’s forthcoming decision. The ETF approval could trigger the largest Bitcoin Bull run to date. However, it is unclear how likely a Bitcoin ETF is. The SEC usually has 45 days to make a decision, which is expected by August 15, 2018.
Predominantly positive for the Bitcoin trader
The vast majority of the Bitcoin trader is in favour of introducing a Bitcoin ETF. Only six commentators rejected the proposal. The main concern of the ETF opponents was the manipulation of the Bitcoin price. Others are afraid of quantum computers. The positive comments that support a Bitcoin ETF can be divided into three areas:
Bitcoin and other crypto currencies will continue to exist in the future
The USA needs to use and deploy Bitcoin quickly to stay at the forefront
Regulation would protect millions of investors
Mike Fort hit the Bitcoin code
Virtual currencies can – become – part of the economy of any country. I repeat: these currencies will not disappear, and they will prevail in every economy and in every part of the planet. Some places, small economies, may become dependent on virtual currencies […]. We are experiencing a technological revolution by the Bitcoin code. Perhaps we are experiencing a modern miracle.
Others share this view. Anthony Pompliano (Morgan Creek) also said in his letter to the SEC that “these law-abiding individuals” have decided “that this decentralized digital currency is an asset […]. The millions of Americans who believe in the value of Bitcoin should be given the same access and protection as other investors”.
Other commentators also mentioned that China had not managed to “shut down” Bitcoin and the fact that the Bitcoin network has been running smoothly since its inception, which speaks for the stability of Bitcoin.
These reasons suggest that the SEC should seriously consider this motion. In addition, the United States of America should not fall behind and be overtaken by other countries.