Bitcoin ETF Comments Submitted to SEC Overwhelmingly Positive

Of the 210 comments, it is clear that an overwhelming majority are for the introduction of a Bitcoin ETF. Only six contributors opposed the proposal.

The main argument for those against the Bitcoin ETF was the concern of widespread manipulation.

"Take an extremely high value short position on Bitcoin and bring the national debt to $0. I ask that you approve the request."

The United States must quickly adopt Bitcoin to remain at the forefront of technology and finance.

Regulation would protect the millions of investors who already trust or are interested in Bitcoin and reduce/eradicate manipulation.

Other commenters cited China's failed attempt to "Shut down" Bitcoin and the fact that the network had never gone down, as further support of Bitcoin's resiliency and long-term viability.

"In 10 or 20 years, the global balance of power will shift towards countries that have amassed the most digital gold. Approving this ETF will allow Americans to amass Bitcoin through their normal brokerage account. This will ensure America remains the #1 economy as the world shifts from legacy money to digital assets."

In previous proposal rejections, the SEC cited concerns of widespread manipulation and security as two of the biggest reasons to deny a Bitcoin ETF. With security improving, as exhibited by the problem-free custodianship of Coinbase and the maturing know-how of the industry, the main hurdle left appears to be the accusations of manipulation.

By being able to invest in Bitcoin through an ETF, anyone with a 401(k) could easily gain exposure to Bitcoin, while not having to personally store their digital assets.

If Bitcoin ever reaches the astronomical heights predicted by many of the prominent Bitcoin bulls, that exposure would be great, for both the United States and its citizens.