[Analysis] Letter to the SEC regarding Bitcoin ETF - Spencer Bogart

If Bitcoin ($BTC) isn't money, it's property writes Blockchain Capital's Spencer Bogart in a recent letter to the SEC. Comparatively, the first crypto is like gold, art, or real estate. Each asset serves as a store of value and has wild volatility in the short term. Volatility is a side-effect of absolute scarcity: demand drives price. Bitcoin bests all these alternatives on numerous fronts: scarcity, divisibility, portability, fungibility, liquidity, and programmability.