May. 06, 2022
Dear SEC: Regarding the matter of transforming the GBTC (Grayscale Bitcoin Trust) to an ETF, I am very supportive of that notion. The reason is that an ETF would more closely track the true value of Bitcoin, which to me is a good thing. While I could acquire Bitcoin through another IRA mechanism (like iTrust), I would prefer to have an ETF do the custody of the actual Bitcoin(s). My investments in GBTC exceed $100,000. From the federal government’s perspective, I think it would be a huge plus to focus as much cryptocurrency investments as possible through ETFs as a better way to keep track of tax compliance, as Grayscale, Fidelity, etc…would need to take great pains to make sure their books are accurate and tax withholdings are done in a timely and accurate way. Regards, Don Fairbairn