May. 10, 2022
Dear SEC, I would like to suggest you to approve GBTC to spot bitcoin ETF because it would do many benefits to America. You did approve futures ETF, but it has nothing to do with asset itself. Reason 1: Trading derivatives market is same as placing a bet in casino. People want to have exposure to real asset, not paper asset. This would maintain right peg to price of BTC without fluctuations and not making making GBTC shareholders frustated anymore. Reason 2: Like you have gold ETFs there some of them backed by physical gold, some derivatives, same logic should apply for similar asset as sound money which is Bitcoin. Why don’t you approve something which will give Americans easier exposure to real asset itself like there is with already gold with identical setup? Reason 3: There are already spot ETFs in other countries but GBTC has greatest holdings. I am pretty sure that you are aware of risks associated with not approving it so I don’t understand why don’t you approve spot ETF while it’s in anyone’s interest. Outflow of us dollars of America(in order to invest in foreign country spot ETF) while there are conditions with raising interest rates, high inflation, negative real GDP just fuels the fire which already threat not recession but possibly even depression and stagflation with bond market bubble burst. Thank you very much in advance for your attention and hope future approval of spot ETF! Best regards