Feb. 22, 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 Utah. I am not associated with anyone related to grayscale or “crypto”. I’m a family man who has been invested in a Roth IRA for many years and keeps a portion of it in GBTC. I understand you approved futures bitcoin etfs with the intent of helping investors who want exposure to the asset class but I’m afraid to invest in these due to low chance it will stay correlated over the long run. You are not protecting me by offering me BITO or other futures products. You are hurting me as an investor. And you are hurting my family. By forcing me to only invest in overvalued stocks or products that can’t track their underlying asset prices I have no choice in how I invest the only money I have to rely on in retirement. My generation does not have a pension to rely on. We instead rely on our own theses. I’m ok with that risk. But it should be a fair risk. A risk I’m willing to take because i know the price is true. You say you won’t approve a bitcoin etf because the price can be manipulated. The same can be said if the apple ceo lies or opec makes a false statement and it turns into a manipulated oil etf. Or a 3x levered oil etf! We know the risks of bitcoin. Please convert gbtc to a spot etf so we American investors can make the same choice others in this world get the privilege to make in their markets. Sincerely, David Gonzales