Feb. 22, 2022
As a 9-year veteran of the Bitcoin industry, I am writing to request that you do not approve the GBTC ETF application, nor any Bitcoin ETF ever. Bitcoin is a purely digital asset and thus does not require a custodial format for investment. Users and investors can purchase Bitcoin units directly and store them personally. If they wish to hire a custodian, they do not need it to double as a proxy asset on the open market. An ETF would invite price and supply manipulation and undermine the health and utility of the Bitcoin market. It creates a single point of failure as a target for hackers and thieves. Bitcoin losses are not retrievable, reimbursable or insurable, so trusted Bitcoin custody should always be minimized and a last resort. Bitcoin is a store of value, a money, and a currency and should not be synthetically represented or hoarded by banks or large custodians. Thank you for your consideration, John Carvalho -- -- John Carvalho CEO, Synonym.to