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. Bitcoin has reached a point of adoption that all major banks, brokerages, fund managers, billionaires and a significant part of the population see the value it has as a new asset class. Today, many are wanting to invest, but will not or cannot, because it is not available within an ETF. Those not investing today in bitcoin will not have the opportunity to participate in the early adoption cycle. Several countries have already approved ETFs, including Canada, Brazil, Europe and Dubai, and have positioned their citizens to benefit from the growth projected in bitcoin. One country has adopted as legal tender. Many more countries will follow their lead in the coming months. The longer the United States delays approving an ETF, the further behind our citizens will be in this opportunity. I believe failing to approve ETFs here and now, will result in a large distribution of wealth from our citizens to other countries more friendly to bitcoin once a domestic ETFs finally becomes available. Approval of bitcoin ETFs are important to our national security by protecting our financial position in the world as well as encouraging innovative new technology that will ensure the United States continues to lead us into the future. Please approve GBTC as an ETF immediately. Sincerely, Samuel Hope