Feb. 22, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. The GBTC conversion application should be approved because GBTC buys spot bitcoin on the Bitcoin blockchain. This is fundamentally a fair way to buy bitcoin -- indeed, the only way to buy it. While regulation of many altcoins clearly is needed to protect investors, it is not needed to protect bitcoin investors because Bitcoin is decentralized and by its nature the same, and fundamentally fair, to all market participants. Additionally, since bitcoin ETFs are available in Canada and other countries, the only thing that can be accomplished by denying approval of GBTC is to chase US money overseas. Sincerely, Tom Posey