Mar. 08, 2022
Hi, I am a 29 years old CA resident, and have been a long-time advocate of Bitcoin. It had been one of my top-performing investments, and I believe that digital gold will be foundational for the future of the world economy. I find it odd that for years, the SEC has "protected" US investors from simple methods to invest in Bitcoin via ETFs, despite BTC being one of the best-performing assets of the century. (And at the same time, I've gambled with leveraged oil funds and other strange ETFs) I used to hold GBTC but sold at a loss as it dipped deeper into negative premium. I believe that digital gold, whether the SEC agrees or not, will likely play a significant role in the future of money. I believe that the more US citizens hold at least a bit of BTC, the US will ultimately gain a national security edge. Reserve currencies such as the dollar may not last forever, especially as it devalues at a rate not seen since the 1970's (when the dollar was broken from the gold standard). Bitcoin is digital gold, based upon open-source and transparent code, with a finite supply. If one day, the U.S. has no choice but to embrace a new "Bretton Woods part III" international monetary system (perhaps based on gold again, or a dual-backed system with Bitcoin as well), U.S. citizens will likely have greatly benefitted with access to spot ETFs. If not, I fear that the digital yuan may fill the void. We should go the opposite route of authoritarian China which banned BTC, and embrace free (but smartly regulated) markets by approving spot ETFs (ideally a few different funds competing for lower fees and better structures to benefit investors at large). Thank you, Michael Cohen