Dec. 01, 2021
The position of the SEC and the Chairman chairman around a physical spot Bitcoin ETF is completely harmful to us individual investors. The SEC is acting counter to its mandate to aid and protect investors by forcing anyone who desires physical Bitcoin to an open end fund (GBTC) that now constantly trades at a demium, a crypto exchange which charges more than an ETF would, or to a futures based ETF like BITO which will incur 5-10% roll cost fees. This doesn’t even consider the risks of crypto exchanges for investors who want to allocate significant capital. A spot ETF would be the most secure access to crypto on the market. It is shameful that Canada has a physical Bitcoin ETF and the US only has futures based ETF’s. How can the SEC protect investors? Consider the alternative costs that must be undertaken for Bitcoin exposure (and the legitimate cryptocurrencies) and approve spot Bitcoin ETF’s all on the same day! Individual investor, JMH.