May. 07, 2022
Dear SEC, I am in favor of GBTC being converted into an ETF. At age 62 I wish to be diversified, just like I did by moving to Vanguard index funds back in 1990. It was considered foolhardy to invest in an index fund back in the 1980s and 1990s, but it turned out to be the right strategy for educated investors. Gaining exposure to a Bitcoin spot priced ETF gives me the diversification and ease with which investors have become Accustomed to. It also limits the complications of owning Bitcoin outright which comes with its own set of challenges particularly as individuals move into their golden years. Currently GBTC is trading at approx. a 25% discount to the spot price of Bitcoin. This is not protecting me or my fellow shareholders. I’m writing from Washington State, with gratitude for the opportunity to express my view and with the hope that you will approve this conversion and protect the interest of investors. Sincerely, John Callery