Jun. 24, 2021
Dear Sirs I’m 38 years old and self-employed. To prepare for retirement, I have a large percentage of my net worth (about 80 percent) invested in stocks, ETFs and Bitcoin. I sleep pretty well knowing that my stocks and ETFs are in custody of well regulated Banks. Furthermore, the investments are SIPC insured. Unfortunately this is not the case with Bitcoin. I have to either secure my Bitcoin investment by myself in a self-custody wallet, or I have to trust a private company like Coinbase to secure it for me. This exposes me to a considerable risk. Companies like Coinbase are not nearly as well regulated as Banks and the Bitcoin they are holding is not SIPC insured either. I really hope that a Bitcoin ETF gets approved soon. I would sleep much better knowing that my Bitcoin investment is in the custody of a well-regulated bank and not just a private company. I would urge you to approve the ETF so small time investors like me get an option that offers better protection of their Bitcoin investment. Best Michael Althaus