Feb. 23, 2022
Convert GBTC to a bitcoin ETF I have BTC through GBTC in my IRA account and a Roth IRA account. This is about 5% of my total portfolio. I hold BTC like I invest in GLD. For me it is a hedge against bad things happening and I plan to hold for years. I do not trade it much actually. It's a risk allocation. Yes, I can buy some on Coinbase too, but then I have to worry about Coinbase's software systems and defects or hacks. Lots of attack vectors. I can also keep some myself with a hardware wallet, but that is scary that I might mess up and if I pass away my wife will not know how to access the investment. It would probably be lost forever. We need a Bitcoin ETF. Without an ETF we are stuck buying alternatives like GBTC or Microstrategy where we are at the mercy of the managers to make decisions. An ETF would provide a transparent framework and would reduce the fees and discounts to NAv. Thank you! Marc Jolicoeur