May. 08, 2022
Dear SEC, I write in support of the conversion of the Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. There are many people who want to invest in Bitcoin, but are unable to do so. I feel that converting GBTC to an ETF would give these people an opportunity to do so. I currently hold GBTC in my retirement accounts, and as I write, there is a 25% discount to the actual price of Bitcoin. If GBTC is converted to an ETF, the price will more accurately reflect the price of Bitcoin. Currently there are at least six countries where they have approved Bitcoin ETFs: Sweden, Canada, Germany, Switzerland, Netherlands, and Australia. I don't see any reason that we should not have one in the USA. Of the many possible Bitcoin ETFs, I believe that GBTC would be the best choice mainly because GBTC already has a large portion of the market share in BTC. I thank you for your consideration, Mark Tagawa 5/8/2022