Apr. 07, 2022
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe. 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 have been a Bitcoin supporter since 2017. I started by buying and holding actual Bitcoin in my wallet. I believe in the value it brings in being a sovereign independent, human error free, trustless, stable monetary system and store of value asset. It is clear that the public wants Bitcoin. The adoption rate has been the same as the internet. It's projected to be 1 billion users of Bitcoin in the next 5 years. Canada has already approved a Bitcoin ETF over a year ago. Why isn't the US jumping at this opportunity already? Is the Federal Government readying up some big buy for themselves when the price goes up if a Bitcoin spot ETF is approved? Allowing GBTC to convert to a spot ETF would allow the common investor to get safe Bitcoin exposure into their portfolios. It is also the largest existing Bitcoin fund, so this makes sense. I don't believe liquidity is an issue here because most Bitcoin users are long term holders - you can check the on chain data for that. Roughly 75% of Bitcoin addresses are long term holders, not traders or speculators. If you can already allow people to buy penny stocks and lose money on actually speculative assets (assets without as long and as proven of a track record as Bitcoin), why don't we allow Bitcoin? It is the asset that has reached a market cap of $1 trillion the fastest. Again, there are already about 100 million users and growing. There is volatility in price but it is clear it is growing over the long term. It seems like it is just a matter of time and you folks at the SEC are waiting for the right moment. I hope that this nudges you in the right direction. Sincerely, Joshua Yi