May. 07, 2022
To whom it may concern, I'm writing as a Grayscale Bitcoin Trust (GBTC) shareholder, to urge you to convert GBTC to an ETF as soon as possible, for several reasons: 1. A bitcoin spot ETF would be a *less* speculative investment than the futures ETFs already trading with SEC approval. It is inexplicable that a futures ETF is considered safe for the public to invest in, but a spot ETF is not. 2. Bitcoin ETFs are available in other markets in other countries, putting U.S. retail investors at a disadvantage. This is not in the interests of those the SEC seeks to protect. The delayed converstion allows a non-level playing field to persist, to the detriment of U.S. investors. 3. Without a safe and liquid investment vehicle with a transparent 1:1 correlation with the price of BTC, we are relegated to BTC/USD on- and off-ramps that are difficult to navigate and manage. This seems antiquated in 2022. Bitcoin is different than "crypto." It's not a craze or a fad. I believe bitcoin is a technology that will revolutionize many aspects of the world economy. People like me are interested in bitcoin not as short-term speculation but as an investment in a long-term value store, inflation hedge, and mitigator of inequality and corruption. The SEC should help to hasten such waves of innovation, and keep the U.S. at the forefront of them. Thank you for your consideration. I hope you will move forward with the conversion immediately. Maia Nilsson Westminster, CO