June 16, 2021
Bitcoin will replace the existing financial infrastructure of the world.
- it will be the currency that all other currencies (including the US dollar) will be valued with
- it will be used to settle all international trade payments
- it will be the primary asset in central bank reserves
This is the future common global currency.
The only effect of an SEC decision to deny an ETF is to increase costs to US consumers, who are already able to purchase shares of the Grayscale Bitcoin Trust (GBTC).
GBTC charges fees of 2% per year, and it's regulatory classification as a trust results in large tracking error versus Bitcoin itself.
Approval of this application will bring down costs and tracking errors to be in line with other ETF's like the SPY.
The procrastination of this agency to approve a Bitcoin ETF have only led consumers to higher-cost alternatives like GBTC.