Mar. 27, 2022
I'm an engineer and investor. I wanted to convey that from an investor protection standpoint a spot Bitcoin ETF would be highly advantageous. As of now common investors will go straight to crypto currency exchange to buy digital assets. Holding digital assets on these exchanges comes with substantial risk. The other option for individual investors is to move these assets off the exchange onto a personal wallet. This also comes with risk for a novice in the space and a certain level of technical ability is needed (setting up the device, managing the seed phrases, etc). If there was a Bitcoin Spot EFT (similar to gold spot ETFs); the investor would be protected from dangerous crypto exchanges and from the potential mistakes made when trying to custody their own digital assets. By having an ETF in a company like Fidelity or Vanguard, crypto capital gains would be recorded on a 1099... This would likely add in tax revenues for the Federal Government. While I have the technical ability to custody my own bitcoin; I realize that my parents' generation does not and in an effort to protect them... I'd like to see the SEC approve a Bitcoin ETF. Regards, James Keeton