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. It is without question unfair why a futures based Bitcoin ETF has been allowed but not a spot Bitcoin ETF. A spot Bitcoin ETF would allow retail investors a safe and regulated place to invest in this amazing new asset class. The US should be leading the world on innovation and we are falling behind the and it’s painful to watch. A futures based ETF is so expensive to roll over the contract and it’s hurting Retail investors. The US should be a leader in the new digital economy of which Bitcoin is the only true decentralised asset that gives people hope, financial inclusion and a true place to store the fruits of our labor and it’s such a shame you are not helping retail investors to invest in what has been the best performing asset class for over 10 years. Retail investors do not need to be told what to invest in, we want the freedom to choose for ourselves, we understand risk management and we deserve the chance with the the rest of the world to be given the opportunity to invest in Bitcoin in a safe way that an ETF would allow. We understand it’s volatile but it’s our choice and we should have freedom to make our own choices. I urge you to allow GBTC to convert to a spot ETF at the earliest opportunity. Sincerely, Paul Scholes