Feb. 23, 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. My name is Patrick Bryant, I am a 46 year old resident of Maine and I fully support the conversion of GBTC to a Spot Bitcoin ETF in the United States. In fact I fully support any of the recent applications for a Spot BTC ETF product. Bitcoin has matured as an asset since it’s creation in 2009. It is now sought after by institutional investors, pension funds, and traditional retail investors. This is a marked change from the past where Bitcoin was mainly something for retail investors or the people building cryptocurrencies themselves. In its past Bitcoin has been used as a means of money laundering, and to support nefarious activities. However, these things are largely in Bitcoin’s past. Also, with the development of chain analysis, these activities can be tracked. Bitcoin could become a means of catching criminal activity, not perpetuating it. The information that the SEC and other similar organizations use when discussing Bitcoin and other cryptos is dated. The United States is falling behind in the development of blockchain technology. Countries that embrace Bitcoin and other blockchain related products will be at the forefront of that technology. Do we want the United States leading that technological revolution or watching from the sidelines while other nations develop and implement this revolutionary, disruptive technology? There is only one answer to that question and you must recognize that. So, why don’t we actually do something good for America and embrace this technology and be the world leader of it? Will granting GBTC Spot ETF status make the US the leader in blockchain technology? No. But, it will help. Finally, at this point, where Bitcoin can be purchased so easily from so many places around the world, why not have a Spot BTC ETF? Investors that you might think you are protecting just go elsewhere. I don’t need an ETF, I am adept enough at making my own decisions and figuring out how to carry them out I don’t need your help. I already own plenty of BTC and other cryptos. Bitcoin and other cryptocurrencies allowed me to pay large portions of down payments for both a house and a car so far in 2022, and I did not have to invest much to obtain those items. A Spot BTC ETF would make investing in Bitcoin something virtually anyone can do without the technical know how you need to obtain and protect your crypto on the open Spot market. You would actually protect people with the ETF, while giving them the opportunity to invest and potentially reap the kinds of gains that Bitcoin can bring. It made the American dream come true for my family, let’s make it easier on every other family to have the same success. A Spot BTC ETF would eliminate people accidentally sending their coins to the wrong address and losing their coins forever. It would reduce the risk of being caught in a scam, which are everywhere these days, and are in no way confined to crypto or Bitcoin. Sure, I get crypto scam attempts, but I get way more spam and scam emails in my inbox phishing for information that have nothing to do with Bitcoin. How could that be stopped? Blockchain technology might help. That is the question you are faced with. Do you want to advance that technology or not? As I think it’s pretty clear the majority of American businesses want the technology, take steps to further it. One of those steps would be allowing the transition of GBTC to a Spot BTC ETF. Thank you for your consideration of my comments. I hope you will do the right thing for Bitcoin, Blockchain, and United States investors of all types. Approve a BTC Spot ETF. Sincerely, Patrick Bryant