Nov. 30, 2023
It is important to understand that Bitcoin allows us to no longer need a trusted party. If a Bitcoin spot ETF is approved, it is important that there is a cryptographic verification option. The ETF should always be linked to a verifiable Bitcoin address otherwise the ETF inventory could become inflated sooner or later without actually being backed by real Bitcoin UTXOs. Another option would be to address the problem at its root. The institutional investors want to buy Bitcoin and hold it on their company balance sheet. Currently, it counts as a profit if the company sells the Bitcoin at a plus and as a loss if they sell it at a loss. Bitcoin is a completely new system that does not require a trusted party. All systems we have known to date require a party we trust. In my opinion, it would make more sense to take a completely new approach here. The old system must be rethought to make it compatible with this completely different and new system. Sincerely, Marius