Feb. 23, 2022
Dear SEC, I’m writing to support your extreme caution up to this point regarding the conversion of Grayscale Bitcoin Trust (Symbol: GBTC) I think that such a conversion poses real risks to individual investors who do not understand the nature of the Bitcoin market. As I see it anything publicly popularizing BTC is helping insiders sell their BTC to new marks leaving unsophisticated investors owning something with potentially no intrinsic value. I don’t understand how someone acting as a fiduciary can comfortably suggest the purchase of BTC for an unqualified and uninformed investor. It seems like a pump and dump scam. I do believe blockchain technology will be adopted by central banks….but encourage you to continue protecting naive investors from the incessant crypto advertising. A good investment does not need to be advertised. Furthermore I think it is extremely important to codify AML standards for crypto as well as regulate issues such as wash sales and manipulative trading. Sincerely, Andrew Zacks