Mar. 01, 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 California and I'm an early adopter of Bitcoin as a universal asset for reliable wealth preservation and instant worldwide transfer. The current war in Ukraine and Bitcoin donations are a perfect example of why everyone needs access to Bitcoin. Having spent a lot of time telling friends and family about Bitcoin, one of the biggest barriers to adoption is answering yes to the common and obvious question: "Can I buy some Bitcoin through my brokerage account?". I own Bitcoin in various forms and this is by far the easiest way to provide fair access to all. Additionally, I can't think of a good reason why a futures ETF was approved but a spot ETF wouldn't. They already exist in Canada and Europe, and Grayscale seems like a reputable and secure operation as a custodian of Bitcoin. Lastly, the current fees are high and detrimental to investors who want to own this asset. Thank you for considering this and please don't hesitate to reach out with any questions. I own GBTC in my IRA because I believe Bitcoin will prove to be the hardest form of money available for wealth preservation. Regards, Bertrand Darnault