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. The lack of a spot Bitcoin ETF, coupled with the allowance and existence of Bitcoin Futures ETF, has actually created more risk for U.S. investors who wish to invest in bitcoin. There has been strong evidence to show that recent activity in bitcoin futures (for the past couple of months) significantly brought down the price of bitcoin even as spot bitcoin holders generally held onto their bitcoins. See https://www.youtube.com/watch?v=7OdpjKM4eJ0. Spot bitcoin ETFs are increasingly adopted in foreign countries, creating an incentive for US investors to seek these foreign options which would not be as well regulated as a US spot bitcoin ETF. Best, Vic Lin