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. ***[I live in Pennsylvania, in short, I want the ability to own exposure to Bitcoin directly. The futures market was a good first step but without the ability to own bitcoin itself the futures market isn’t safe enough for the average investor to withstand downward volatility. If I own the coin, I never truly have to sell, I can wait for the market to turn around. In the futures market I can’t just “hold longs”because I don’t have access to unlimited liquidity. Large moves against my position can “shake me out” even if my original thesis did play out, with bitcoin eventually finishing higher, thank you. ]*** Sincerely, *** [Lawrence Casanova Jr] ***