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. Please consider something very simplistic as to why grant this request. As per the SEC Mission Statement, protecting investors is top of the list. Bitcoin is still a very young technology. The public is searching for all means to “invest” in this asset. Of course most people simply want to strike rich overnight. And to do that, many try to navigate the Crypto exchanges, Crypto wallets, and so on. There are multiple scams in that space, as expected for any young technology. The best way to protect investors is to offer a product that is regulated by the SEC and trades in reputable exchanges. A spot ETF tracks the value of spot Bitcoin far better than any other possible product. By allowing that, the SEC will naturally drive flows from the naïve investors who want exposure to this product but that could fall pray of online scams. By not doing so, effectively you are forcing those people to navigate those murkier waters where they cannot protect themselves from eventual predators. Yes, such conversion would benefit me, but that does not mean my argument is less valid. Thank you for your consideration. Sincerely, Luiz Beltreschi