Feb. 22, 2022
Dear SEC, I'm writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the worlds largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. [American's deserve access in their retirement accounts and beyond to a spot Bitcoin ETF. GBTC has a proven track record for being the largest custodian of bitcoin. Rehypothecation manipulates commodies markets. Unbacked, paper claims to a strictly scarce bearer asset, such as bitcoin, is reckless and we are not protecting investers with futures products. Investers need access and exposure to Bitcoin where the custodian holds the asset. Instutions that rehypothecate bitcoin are taking immense risk and investors can get hurt. The dollar is losing its value at record pace due to historical money printing by the Fed. Average Americans are being wiped out as incomes havent kept up with inflatiom since Nixon unpegged the dollar from Gold in 1971. Bitcoin is the scarcest commodity ever on this planet. It will preserve time better than Gold. Gold holds value across time, but it doesn't move in space well at all. Bitcoin fixes this and is better in both time and space. America stands for Liberty and Justice for all. The time has come for America to embrace this financial innovation. Holding on to the past and rejecting the future is always a failed strategy. Americans deserve to have access to bitcoin as non-correlated, digital Gold to preserve their wealth/time during an unprecedented time of global debt and central bank money printing. I reside in Michigan. Sincerely, Trevor Schleicher