Feb. 23, 2022
Dear SEC, I have been an investor in the Grayscale bitcoin investment fund (ticker symbol GBTC) since mid 2017. This fund was my first exposure to bitcoin. This fund allowed me to gain exposure to bitcoin in a safe way via my IRA and helped me to get in on an asset/commodity/currency way ahead of many investors such as hedge funds, bankers, family offices, pension plans etc. I have since increased my understanding of how bitcoin works and am able to self-custody my bitcoin, but my mother, aunts, grandparents, etc., don't have that ability or desire to learn. Additionally, many pensions are not allowed to invest in the fund as it is not structured as an ETF. Allowing everyone to hold bitcoin in an ETF recognized by the SEC would give investors much greater confidence and allow them to hold an asset that has outperformed almost every other over the past 10 years. I believe irrespective of what the SEC does, the asset will again outperform every other asset over the next ten years. I reside in the state of Idaho. I believe the mandate of The SEC is first and foremost to protect individual investors. I believe approving the Grayscale bitcoin ETF would be low hanging fruit for your agency and give many people a win! I have no doubt that this ETF would be incredibly successful, popular, and a benefit to citizens all over our country, as well as pension funds, etc. I'm sure your agency has more on it's plate today than ever before! I'm confident the approval of the Grayscale bitcoin investment trust as an ETF will be a huge win for the SEC and the individual trader. Please consider this conversion to an ETF as early as possible! Best Regards, Bobby Carl