Guys, the first SEC BTC ETF public feedback site had 1,300+ comments from fine folks like yourself. The final one which imo is way more important has just received 90 comments since it came online on Sept 20. 🙁 I understand the mood's changed, but let's finish what we started and get this across the line!
Yes, I know people are sick of BTC dumping whenever the SEC rejects/delays a BTC ETF but I think we need to give this a final push! Here are my reasons:
1) Ever heard the term, "so close but so far?" I think the crypto market is on the verge of one of the biggest bullruns in history but we need that final push. The last SEC inviting the public to file public statements on a BTC ETF garnered 1,300+ comments!!! I don't think they've ever received anything like this and since then, the SEC has taken a much softer tone due to the sheer interest in a BTC ETF.
2) Yes, we don't need an ETF and the first one is really only designed for big buyers, however the success of the first Bitcoin ETF will open up the doors for a plethora of dozens to come. Every person in the world should own some Bitcoin and this is one of the first steps to making it happen. Remember, not every person has the technical knowhow of buying and keeping their Bitcoin safe. Think of your grandparents!
3) Crypto constantly gets bombarded with lots of "negative" press in the media. Thousands of people have had their bank accounts frozen, closed, and it's STILL happening every day! My dad, who represents the public is against crypto due to these scare tactics by the media, however a thumbs up from the SEC will quickly change crypto's image across the financial world & media.
4) A lot of people here are down 60% or more. Who are we kidding, everyone who invested in crypto is in it for the money. The tech is a bonus. Maybe not the CBOE BTC ETF, but the upcoming ETF's will unleash an epic bullrun. Billions of real $ $ will flow in from traditional finance. One day, you'll turn on the local news channel and they'll not just report on closing numbers for US Dow, S&P 500, Gold, Oil but Bitcoin as well! How cool would that be?
5) It literally takes 5 minutes to fill in this form. If an ETF finally gets approved, wouldn't you feel "great" that you "might" of helped in some way?
6) Why public opinion matters? There's an interesting doco recently released on Netflix called "A Leaf of Faith". In it, the DEA was about to ban "Kratom", but stopped due to public outcry. A single supporter managed to get a spot on the Joe Rogan show. After it aired, thousands of public comments hammered the DEA website which led to them re-considering the ban. Government's work for the people. We need to rally behind something we believe in!
Argument: "We don't need an ETF, SEC may/may not approve a Bitcoin ETF one day, but it does not matter."
This is true, if BAKKT interest is high, we may not need an ETF, however, we're very close to BAKKT opening and the market is not responding well. Besides, we managed to hit 1300+ comments on the SEC website and now they are asking for a final say, why give up at the last hour?? Let's be realistic. If BAKKT under performs, and an ETF is delayed for another 2-3 years, Bitcoin may drop back under $ 3,000. This would just give banks more time to "load up". In fact, financial institutions will just wait until it falls so low before they acquire everything and become mega crypto landlords. Think of this as hedging our bets between ETF & BAKKT! Look around at what is happening now. Folks are falling out of favor with crypto currencies. Trading volume has dropped off a cliff and down 80% in some markets. The markets were expecting institutional money to flow in, but so far it's nearly non-existent.
Argument: "Crypto doesn't need greedy banks/wall street."
I agree, but it's clear the market doesn't hold that belief. Ultimately, everything falls back to simple supply vs demand. If there's no new money coming in to support the price, it will dump. An ETF approval signals to the market that the SEC have changed their view and more ETFs will come online. This means massive amounts of "fresh" money will support Bitcoin. If all US pension funds just invest 5% of their allocation in Bitcoin, we will see $ 100,000 Bitcoin! Why wait for stuff to happen when you can be a part of it and it takes just a few minutes?
Argument: "An ETF is just one market riding on another, it's exclusively a financial instrument and has no connections to any real trade / value exchanges. This is exactly the sort of financial nonsense that a finite and distributed currency like bitcoin is trying to get away from and bitcoin ETFs keep fiat users away from actually using bitcoin."
A regulated ETF opens up access to Bitcoin investment to more traditional organisations. Pension funds being the obvious one. While a pension fund could go and buy actual Bitcoin's I doubt they are (a) allowed by law or (b) motivated to make such special effort for one asset class. In that sense, a Bitcoin ETF adds a feature to Bitcoin: holdable by more conservative organisations. A holder is a user, and more users makes a currency stronger."
How to file a public comment and help approve BTC ETF:
Find and click on "Submit Comments on SR-CboeBZX-2018-040"
Remember, Public opinion matters. Be heard!
YES There's going to be people here saying "Who cares. Sc** the ETF". To these people, I say "an ETF doesn't harm Bitcoin, it just makes it stronger. You're not selling your kidneys! It's just 5 minutes of your time.
Thank you and god bless Satoshi!