oops Ser we don't have to do anything "now" so let's reframe the discussion around "is it a good time to do it."
My answer is yes, it is a good time to do it, for the reasons laid out in the proposal. I think it's long past time that Olympus held the single largest asset in the crypto space. But there isn't a single perfect solution to holding BTC on Ethereum right now. There are risks to every flavor of ERC-20 BTC out there: renBTC and sBTC also have their share of problems. WBTC, while centralized, has proven over years to be 1) extremely well-price pegged and low-risk, and 2) highly integrated into defi, allowing us to be productive with it (read: partnerships and liquidity). renBTC and sBTC don't have nearly the same level of benefits as WBTC, while each also have their own issues and risks to account for.
renBTC is still very centralized, and to my knowledge is still in phase sub-zero of its decentralization roadmap. It has a long way to go; we'll be relying on Ren to not rug us.
sBTC is fully synthetic in that there's no actual BTC backing it, only SNX. We're gaining exposure to BTC price, which is nice, but we don't have a claim to actual Bitcoin with it. It seems a bit hollow to hold it and claim we're holding BTC. It's the most decentralized option, but there's relatively little adoption.
To counter the centralization risk, our conservative 3.3% allocation is purposefully risk-adjusted. This is a first, important, but small step towards fully decentralized BTC in our treasury. But it does position ourselves well for future improvements to the ERC-20 BTC space in an agile way.
Imagine a year from now, a trustless and fully decentralized solution for BTC crops up, is fully battle tested, and is highly integrated into defi: the perfect solution arrives. Instead of 1) having sat on our thumbs for an entire year hoping and praying for the orange coin gods to grace us with perfection, or missing out on productive use of our treasury by holding less useful forms of BTC, and 2) having to then go through the rigmarole of slowly accumulating enough new BTC to be useful to us, we'll be able to quickly pivot into this new BTC with a single governance vote and swap.
Again, I agree with the centralization concerns; decentralization truly is the future. But the time is right to acquire BTC, and imo WBTC is currently the best risk-adjusted way forward.