Apr. 07, 2022
GBTC should convert to an ETF after SEC spot bitcoin approval for the following reasons: 1. This security trading under NAV harms me personally. SEC is supposed to be for investor protections. 2. Approval of spot bitcoin ETF is a National security benefit. Should bitcoin adoption and price continue to take off as designed, we want the United States to hold the most. The ETF opens up more US capital to invest early. Canada, Europe, and other places are not blocking progress like the SEC. The DOJ and FBI have btc custodied at Anchorage, which is wise. The United States should get all it can. 3. Politically this is a terrible look for the SEC. Seems to many single issue voters that there are nefarious reasons for blocking approval. The futures ETFs are costlier expense wise, do not perform as well as spot due to those costs, and follow the spot price. Is chairman Gensler just waiting to secure a future board seat with a CME ETF provider or major bank that got in late? I don't think so, but it is a horrible look for the SEC and Biden Administration. 4. This is supposed to be a free country. Adults should be able to put their money in a spot bitcoin etf if they want. 5. The recent TeucriumETF went in under 1933 Act, the others under the 1940 Act. Spot should be covered. This is 2022 by the way. Thanks, Terry