February 14, 2022
It is completely unfair to the American public not to have a spot Bitcoin ETF. As a financial advisor, my clients do not have access to Bitcoin despite the enormous demand. Those who can buy GBTC have taken a huge relative performance loss as the discount has gone to -25%+. How does that help individual investors? Wouldn't a spot ETF actually help those who the SEC is supposed to be looking out for? Investors can buy all sorts of penny stocks yet a Bitcoin ETF is too ripe for manipulation? What about triple levered ETFs on all kinds of crazy products? Is that good for investors? Other countries have BTC ETFs, we now have a futures BTC ETF (which is TERRIBLE for investors) yet we cannot have a vanilla spot ETF that is clearly the best option for Americans? Please update your thinking and help the people who were forced to buy GBTC and have been badly harmed by the 25%+ discount.