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. While Bitcoin is volatile, it has been an incredible diversifier and wealth generator in my traditional portfolio that I use at times to buy traditional investments when I trade GBTC (Especially given little options in a low yield, high inflation environment). Since the dispersion between the discount in NAV and the NAV it has been quite frustrating to say the least. I remember investing in GOLD coins and Gold etfs in 2012 when gold peaked above $1,900 an oz, to then watch the price of gold end up down over 35% to $1,200, only to end up a decade later at the same price. I can also buy 3x short or 3x long ETFs on practically any indices I chose, as well as long volatility and short volatility and end up losing 10-40% in a single day. I find it hard to believe these are products are available to me but not a spot BTC ETF. Look at a chart of VXX...need I say much more. I also owned USO when oil apparently went negative in the last 2 years and lost a large sum of money. But that was as easy as clicking a button in my schwab account to get access to "that" type of protective investor product. Another thing to consider is the "safety" of an emerging asset class where new investors can participate without the anxiety of going on an exchange unfamiliar to them with lack of customer service and having to custody their own assets/keys. I feel very comfortable calling Charles Schwab when I have a problem with my retail account. Coinbase will get back to me when they feel like it and can be very dangerous and daunting to new investors that should feel safe to participate in the market action without the other inherit risk that comes with crypto or self custody. I sincerely hope you consider this request to help restore faith in what feels like a "broken" system that I personally feel is tilted towards the rich and elite. Governments and agencies like yourself have lost credibility for some time with the people and nothing seems to ever work out in our favor (the common, hard working American). My 2 Cents. Thank you for your time, Brandon Buhay