Mar. 03, 2022
The time has come for a bitcoin "spot" etf or equivalent. Bitcoin now has a several year track record and a very active market in the unregulated investment arena. It also has a proven track record as a trust - effectively a closed end fund. It also has a proven presence in the Canadian market as a spot etf. The advantages of an etf are well known across stocks, bonds, commodities, and other alternative investments. Lower management fees, small deviations from net asset value, ease of trading, and regulated reporting of transactions. I believe that creation of an etf for bitcoin would reduce the trading in the unregulated arena, better insuring proper reporting of gains. Of the various spot etf proposals that have been submitted, at least one has a track record managing bitcoin investments in the open market. For this reason, the Grayscale trust (GBTC) would be an ideal vehicle to use as a starting point for a spot bitcoin etf. I would urge you to consider making this happen.