Apr. 22, 2022
Dear SEC, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. By not approving this conversion, you are not protecting me, the investor – the very person you were appointed to protect. In fact the recent legalizing of gambling was particularly disheartening in regards to "protecting the consumer". But then last October, you approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. Without any meaningful reasons, that ive seen. Given that most investors use both vehicles to gain exposure to the same underlying asset, Bitcoin—from which both vehicles derive their price. It's clear that our system is broken and I as a 55 year old will never see any of the Social Security money taken from me to pay for the previous generation. If you're truly looking to "protect" me, which I'd prefer you not, how about giving me an opportunity to invest in a hard asset that cannot be arbitrarily inflated, something me and my family can count on being there with the same purchasing power in the future when I can't work. Thanks for taking the time to read this, whomever you are, and please let your bosses know that we need this approval