Feb. 23, 2022
Dear esteemed members of the SEC, I am submitting this comment in relation to the application to convert GBTC into an ETF. As a highly volatile asset class, cryptos in general are not a replacement for fiat currencies. However, some cryptos such as Bitcoin, as an non-inflationary asset, are as an excellent store of value. I have chosen to invest in Bitcoin for this reason. The challenge with investing is crypto is the inherent difficulty with safely storing the cryptos in a wallet. Wallets can be lost or accidentally deleted. Managed service offerings such as GBTC provide a robust and secure option for investors who seek exposure to Bitcoin in their investment portfolio. Any investment type has inherent risks, and as such, cryptos are no exception. Cryptos carry some unique risks and offer some very unique benefits. As with any investment, investors should assess the risks and benefits, and make a choice that best fit their investment needs. GBTC provides a robust and relatively safe mechanism for investing in Bitcoin, and in and of itself, GBTC does not present any more risk than directly investing in Bitcoin. In essence, GBTC provides a safer option to those who want to invest in Bitcoin. GBTC has proven itself over the years to be a reliable and secure mechanism to risk-averse individuals such as myself to gain exposure to the crypto investments. It serves as a safe ark to navigate the rough waters of the crypto asset class. Converting GBTC to an ETF would allow GBTC to be used by a larger pool of investors who want to safely invest in Bitcoin. I am grateful for the opportunity to provide my comments. Sincerely, Ram Jeyaraman