May. 10, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. It is odd to me that funds like ARKK and big tech stocks can take 70-80% dips after the Fed decides to raise rates, but we can’t have a spot Bitcoin ETF when there are numerous exchanges out there that have billions of dollars worth of trading facilitated on their platforms each day. A spot Bitcoin ETF would open the space to more investors who are scared of self custody, a new innovation that will take time for the general public to become more comfortable with, and a spot ETF is the easiest way around this. Bitcoin is about democratizing finance and a spot ETF would allow most investors to safely and securely access an investment that will play an important part in portfolio diversification over the coming decade. Sincerely, Robert Carzoli