Feb. 22, 2022
Greetings, I am writing in support of allowing the conversion of GBTC to an ETF. Investors are already purchasing GBTC in massive quantities. Other countries have already allowed Bitcoin ETF's. The United States will fall behind in Bitcoin ownership without a spot Bitcoin ETF. The futures based ETF is much more risky than a spot ETF. The futures based ETF will lose value over time due to the nature of its setup. The rate of Bitcoin adoption is increasing rapidly. Denying the approval of the ETF will not stop the adoption growth. It will only steer adoption away from the United States and give other countries an advantage. Please reconsider approval of GBTC as an ETF. Thanks, Ryan