Feb. 23, 2022
Sirs: Please accept applications for bitcoin spot price ETF's. The ETF structure would optimize the efficiency of tracking the price of the underlying asset, thereby eliminating the inefficiency of price tracking of bitcoin in the current and already accepted trust (GBTC). The ETF would be based on the same spot price already used in the approved bitcoin options ETF. I am 74 years old, have been investing in long term holdings for fifty years. I view options trading on bitcoin as pure gambling, not for me, an undesirable choice of investment. Yet, the United States federal government approved option trading based on the spot price, but refuses to allow investors to hold the asset itself through ownership of shares in an ETF. This is wholly irrational to deny investors the spot price bitcoin ETF but allow gamblers to buy options on what may or may not happen at some point in the future. I/we want and are asking for an investment vehicle, an ETF, based on the actual asset here and now rather than some imaginary unknown future event that may or may not happen. Multiple countries around the world are allowing their citizens to invest in what the U.S. government denies its citizens. By imagining in vain that a U.S. government employee knows more than the government employees of those other countries, and more than the citizens and investors of this country, is simple arrogance. Such government employees are neither protecting nor helping the citizens of this country, but have some alternative agenda that denies citizens the ability to make free will choices to invest in what is best for the citizens who are knowledgeable and understand why we do want to invest in an ETF backed by real assets rather than illusory options. It is time to set aside the ulterior motivations and alternative agendas, whatever they may be, and make spot price bitcoin ETF's available to the American public. Certainly, ownership of bitcoin is possible for the wealthy citizens of this country, and banks, and large businesses, and a multitude of smart-phone-totting young investors. Your denial of an ETF which can be used by those of us who prefer to use ETF's in our brokerage accounts, IRA's, and Roth's is inexcusable. Considering the widespread use and ownership of bitcoin in other accounts that do not require the ETF structure, your ulterior motives of protecting the rich and wealthy are offensive and a deliberate attack on investors who prefer ETF's to the other ways of owning this asset. It is time to put aside your prejudices, your ulterior motivations, and any other derogatory ideas that allow the rich and powerful to purchase and own large quantities of this asset while denying the small and middle class of individual investors the opportunity to own shares of the same asset through the medium of an ETF.