Jun. 27, 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 US. A Spot Bitcoin ETF would allow investors to: Diversify investment portfolios into the world's most scarce global asset. Own bitcoin in the same way others own investable assets at a value close to equal to the spot value vs. any trust discounts or cotango issues with futures and spot delta exploited by algorithmic traders Additional thoughts: bitcoin has been for a long time designated as a commodity by the CFTC unlike all of the other 'cryptos' which are, obviously, de facto unregistered securities. Bitcoin's volume is globally significant and most investors understand the pros and cons of exchange iliquidity due to bitcoin's fixed supply schedule and its owners consistent exportation of coin from centralized custodial wallets to decentralized, self-custody ones: i.e., most understand how order-book thinness can be exploited bidirectionally and choose to play. Finally, bitcoin has only just started to transform the global electricity grid as a supply hedge and load relief mechanism for instantaneous demand response along, an arbitrage opportunity for small and large scale independent power producers, and a harvesting mechanism for lost, clipped, or stranded energy: yes, bitcoin consumes a fair amount of electricity but prior to critiquing this consumption quantity, one must create an ordered hierarchy of how electricity should be used (e.g., social media, streaming, gold mining, nonproductive product manufacturing [e.g., toys], etc) and then form an opinion on it. We see adoption as inevitable and its best to a be a geopolitical leader in it as we're less than 1.5 decades old. I am a resident of the District of Columbia but am in the process of shifting to Illinois where my company, 22c, is located (Uptown, Chicago). Thank you. Sincerely, 22c Development --