Mar. 31, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust, currently the world’s largest Bitcoin fund, to be the first Spot Bitcoin ETF in the United States. Currently the only way for most Americans to invest in Bitcoin is by buying on a crypto exchange and storing it in a digital wallet, or buying an SEC approved futures ETF, or buying a fund, such as the Grayscale (GBTC). The first way has all the perils of managing your keys yourself, and is beyond most Americans. The 2nd way is not appropriate for long term investors because of mechanisms, such as con tango, that guarantee a loss to long term holders. The third way is not good because price per share often sells at significant discounts or premiums to NAV. Currently, GBTC is at about a 26% discount to par. A Bitcoin ETF would address all the above issues and would provide Americans with another way to hedge their portfolios against a significantly devaluing dollar. Bitcoin will never be a threat to the dollar as a competing currency, but it can be an excellent store of value to protect against a devaluing dollar. Grayscale is the most dominate Bitcoin fund and tens of thousands of Americans who hold GBTC would benefit by having it convert to an ETF for the above reasons. Please approve their request. Thank you. Joe Graham