May. 06, 2022
Hello, I am writing as a GBTC shareholder and proponent for conversion of the Grayscale Bitcoin Trust into a spot ETF. It is time for bitcoin spot ETFs to be allowed on the market in the United States. Objectively speaking, - Bitcoin futures ETFs track off of Bitcoin spot prices - Bitcoin futures ETFs have now been approved under the 1933 Act, same as the proposed Bitcoin spot ETF - Multiple countries have bitcoin spot ETFs listed on their markets, the US is falling behind - Bitcoin currently has around a $700 billion market cap, and at times over $1 trillion, putting it on par with the most valuable companies and more valuable than the currencies of most countries - The Bitcoin network has been in operation for 13 years without a single network hack Subjectively, bitcoin is the greatest asset that humankind has ever known up until now, and the SEC must allow exposure for the American public to this asset through a spot ETF. Multiple institutional-grade custodial solutions are available on the market and have been available for many years. The bitcoin price currently closely tracks the SP500, so claims of manipulation are not nearly as legitimate as they were in bitcoin's earlier years. Approval of a bitcoin spot ETF would further legitimize the asset, paving the way for continued technological innovation here. US technological dominance is at risk the more obstacles are faced domestically compared to other countries. Thank you for your time and consideration.