May 12, 2022
Dear SEC%2C I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol%3A GBTC)%2C currently the world’s largest Bitcoin fund%2C to the first Spot Bitcoin ETF in the United States. ***[We need the USA to start taking the lead on regulations of (financial) innovation and part of that includes the spot ETF mechanism. One of the reasons why the main markets today (May 12) are losing single digits instead of double digits is that many ETF’s are actually holding the market and taking more time and professionalism to consider next steps because they are usually held by longer term investors/thinkers. Because ETFs do not yet exist in the digital world, there is an overreaction, because only more risky type of digital futures hedging is possible and retailers that are overselling their positions without consideration of its effects on their long-term goals. The people need professional firms to take care of the trading and manage downturns, because these speculation cycles will cause much more harm over the long term, even in up-times there will only be a few lucky ones. Speculation can only be curbed somewhat by professionalizing as well as regulating the asset class appropriately, allowing retail investors to invest more safely with layers of control, backed by regulation and more rationalism. %2C I don’t live in the USA, but we have an SEC license– THANK YOU FOR YOUR SUPPORT]*** Sincerely%2C *** [Michel van Zanten] ***