May 22, 2022
Dear SEC, I am Joshua Unseth, a 35ish year old African Americanish male who loves Bitcoin from the great state of Florida. I wanted to write you in opposition to your approving form 19b-4 that NYSE Arca filled with you to convert the Grayscale Bitcoin Trust (OTCQX:GBTC) into a Bitcoin Spot ETF. At the moment, Bitcoin is trading at around $30,000. This price makes acquiring an appreciable sum of Bitcoin one of the most difficult things a person can do. As an avid collector of things such as Norman Borlaug pictures and Beanie Babies, I have gained an interest in Bitcoin and would like to add as much as I can of it to my personal collection. Its price is making it infeasible. I think it is imperative for the purpose of equity and fairness that you continue encouraging GBTC to trade at a discount of more than 30%. It is well worth the 2% fee, at the moment, to buy coins at a price that is slightly above $20,000. It is my sincere belief if you deny this request, the discount will become even steeper, and I would appreciate the opportunity to acquire coins at a NAV closer to (perhaps) even 50% cheaper than I could on the open market. I am aware that you will receive good arguments to the contrary. I am certain that a majority of the people who are writing you will write in support of your approval. They will argue that Bitcoin is a mature asset with deep enough markets to trade in the form of an ETF. They will point out that first world nations like Canada already have spot ETFs. They may even point out that the SEC has approved all sorts of ridiculous junk to be traded in ETFs and other forms. They will point out that the SEC has approved a futures ETF that trades Bitcoin futures, which only exist as a derivative of the price that is derived from markets. But I ask that you reject these arguments. They are ridiculous. The SEC is too smart to buy into such problematic arguments. These arguments, after all, are only meant to distract. Bitcoin is a new asset. Sure, it may be the most important asset since the discovery of oil. Sure, institutional investors may want a crack at getting exposure, but this will not serve the needs of those who lack the resources to purchase as much as they want at this moment in time. And, it is my fear that Bitcoin will go up if an ETF is approved in the United States. It will grow astronomically, not to mention at a rate that will absolutely be untenable for the average investor. Please do not destroy this perfectly reasonable 30% discount simply because it would be "good" for people. Sincerely, -- J. Unseth