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. Investors deserve a Spot Bitcoin ETF. The U.S. already has a futures based ETF which only benefits Wall Street because it's not actual Bitcoin and is prone to price manipulation. The Grayscale Bitcoin Trust as it currently stands is an inferior investment vehicle versus a spot ETF. A Spot Bitcoin ETF has been approved in several countries already, and if the U.S. wants to continue to lead in global finance, they should lead by example. Bitcoin is being adopted by individuals, corporations, and even nation states (El Salvador), and it's in the interest of the U.S. to support Bitcoin. Bitcoin allows the average person the ability to buy an asset than cannot be debased and increases an individuals purchasing power over time. Most people also don't have the resources to buy bitcoin itself because most of their money is in retirement accounts. The Grayscale Bitcoin Trust is a great (but still inferior product in its current format) way for people to get exposure to the price movements of Bitcoin in their retirement accounts, which will help shelter them from the ravages of inflation due to the continued debasement of the fiat dollar. The sooner an ETF is approved, this will close the discount on the asset and bring it to NAV, and provide a better investment product for U.S. Citizens. The job of the SEC is to protect investors. It doesn't make sense for the SEC to approve a futures based Bitcoin ETF but not a Spot Bitcoin ETF, but at the same time allow investment products that allow leverage and the ability to bet on inverse price movements, which benefit traders and not investors. (see Direxion Daily Gold Miner ETFs DUST JNUG NGUT JDST) The United States embraced the Internet in the 1990s when it was clear how it was going to disrupt so many things. It's only a matter of time before the U.S. approves this, and it's in the interest of the United States support Bitcoin, and one way to do this is to approve a spot ETF. The United States didn't become the dominant country it is by not supporting open technologies like the Internet, electricity, aviation, automation, semiconductors, etc. Bitcoin is the latest innovation. I request accepting Grayscales application to be converted into a spot Bitcoin ETF. Thanks for your attention. Sincerely, JT (Maryland) Sent with ProtonMail Secure Email.