Mar. 08, 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. I currently live in Melbourne, Florida. As a US resident, I've watched as spot ETF's and ETP's have been approved all over the world. Except in the United States. By approving only futures-based ETF's (i.e. BITO) last year, it's given an unfair advantage to the institutional investors while destroying the ability for the average retail investor to participate in this market. Additionally, it's not allowing Bitcoin to behave as it was originally intended. It makes no sense to only approve Futures ETF's and not Spot ETF's in this growing market. The USA will end up lagging other countries in this exploding market, yielding even more of our advantage/power to other countries. Not to mention the outflow of capital as investors look to products in other countries to satisfy their needs. I have not and will not invest in the current futures-based ETF's. Instead, I too will remove my capital from the current US financial system directly into the asset itself (Bitcoin). Please reconsider and approve GBTC as a Spot Bitcoin ETF. Sincerely, Gary Stern | Elite Distributor