Apr. 29, 2022
SEC, It's about time we Americans have a spot ETF to invest in. Myself, like many Americans, have invested in the Greyscale GBTC product over the past couple years to get exposure to bitcoin through our retirement accounts. As a software engineer with many years of experience, I understand the risk as well as the benefits that come with crypto investment. Of all cryptocurrencies, bitcoin is the cryptocurrency with the longest track record of security, price growth, and public adoption. bitcoin is a quality investment, and the GBTC product which tracks bitcoin has gone up many thousands of percent in value over the past few years. For many, owning bitcoin outright or through a custodian like Coinbase or FTX is far less convenient and simple than having access to a product like GBTC. Retail investors like myself saw the repo market insecurities of Fall 2019 as a sign of a faltering economic conditions. Like gold, many of us saw bitcoin as a hedge against these issues, and we sought exposure through the only product available in our retirement accounts, GBTC. Though not perfect, GBTC has allowed the regular American to get retirement account exposure to bitcoin. And with a spot ETF, we regular investors could be sure the product accurately reflects the price of bitcoin, for a more stable, certain long-term investment. There are already spot ETFs in Canada and other countries. Do the right thing and allow the conversion of GBTC to a spot ETF. It will help out a great many Americans like myself. Thanks, Joseph Rickicki