Mar. 09, 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. It's quite simple, U.S. investors are already able to invest into BTC via three methods: 1. Spot BTC (high transaction fees through exchanges) 2. BTC Futures ETFs (not directly correlated, derivative risk) 3. BTC Trust (high fees) The ability to invest in a Spot BTC ETF would ensure a lower cost to investors, a more secure way to invest, and would help ease the burden of tax returns. Spot BTC ETFs are already approved in Canada and other G10 countries, delaying this further will just decrease the U.S. competitiveness in this industry. This is no longer a “what if” but a “when”, the opportunity cost is high, don’t miss it. P.S. seems silly that you’ve approved an ETF that invests based off internet trends, but not the fastest growing internet tech/asset of all time… double standard. Sincerely, J. Fowler