February 14, 2022
Grayscale Bitcoin Trust (BTC) should be granted approval as it will create more options for investors get exposure to bitcoin without the dangers of self-custody, working with exchanges, and risks of losing coins. I have used Grayscale products (GBTC) for 3 years and have appreciated the service they provide. That said, trading at NAV would be more fair to investors to get true exposure to the asset. A year ago GBTC share were overvalued, now their shares are undervalued compared to the bitcoin price. A spot ETF would provide more fairness for investors going forward by eliminating an unrelated variable to the core asset. Bitcoin is Gold for younger investors. If GLD is available, BTC should also be available. Finally, there are a lot of bad actors who do not pay crypo taxes using offshore exchanges. Buying GBTC through US brokerages ensures taxes are reported and paid which is better for the US government.