Mar. 01, 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. The fact is that US citizens will continue to invest in Bitcoin either through crypto exchanges or GBTC regardless of the danger investment vehicles pose. I do understand why SEC is concerned about investor protection where actors in the crypto space are not 100% trustworthy. However, you have to understand that in the current market condition where inflationary pressure in the economy is expected to persist, Bitcoin may be one of few ways to hedge average Americans’ assets. As the stock market may continue to be volatile, there are limited options for average Americans to protect their money. I could hold 100% cash but I will be losing 7-8% in real value. And for me, I prefer to invest in Bitcoin ETF than to open up a new account with a crypto exchange where it charges an enormous amount of fees through a wide bid-ask spread. Citizens in Canada and Europe already have ETF options. And we Americans deserve a same investment opportunity. I hope to be able to take advantage in Bitcoin ETF in near future so that I will be able to invest in an asset that could possibly protect me from a prolonged inflationary period. Please approve Greyscale Bitcoin ETF before the price appreciates further and I lose our my chance. Sincerely, John Kang