Mar. 23, 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. Bitcoin has proven itself to be a legitimate asset and store of value. Called “digital gold” by many, it is the perfect blend of fiat currency and gold. Like gold, it is scarce and finite and thus accrues value with ever-increasing demand. At the same time, it is easily transactable, like fiat currency, through the blockchain. It has done wonders for humanity, having allowed people from all over the world to send tens of millions of dollars of bitcoin to Ukraine within minutes and without transaction fees. Ukraine subsequently spent 100 million dollars worth of donated crypto to support its war effort against Russia. Second, it is now allowing people outside El Salvador—the first nation to adopt bitcoin as legal tender— to send remittances to their loved ones in El Salvadore without paying a fortune in wire transfer fees through middle-man financial institutions like Western Union. Furthermore, the most brilliant financial and technical minds of our time have invested in bitcoin—Bill Miller, Jack Dorsey, Elon Musk, Ray Dalio, Mark Cuban, etc. KPMG-Canada has put bitcoin on its balance sheet. Fidelity opened a Bitcoin spot ETF in Canada. The U.S. is lagging behind in the global market in embracing the inevitable revolution that is blockchain technology. Allowing Grayscale, the entity holding the largest number of bitcoin in its Trust, to convert GBTC into a spot ETF would be the first major step in allowing the U.S. to have a competitive edge in the global market with respect to blockchain technology. Crypto and Blockchain are inevitable at this point. Let’s embrace it. Not stymy it. Blockchain technology is like the internet in the 90s. It is a revolutionary development in tech that will revolutionize the financial system as did the internet. China has banned crypto due to the fact that it can be used to circumvent the government’s autocratic control over citizens' property and finances. We must take advantage of the mistakes of our competitors and embrace blockchain tech and allow average investors like me—a 25 year old law student—to be a part of a technological revolution by having the ability to safely invest directly in Bitcoin through a Spot ETF. Grayscale is the most meritorious of all the ETF applications, and I request that their application be accepted. Sincerely, Noah Bloomberg Chicago, IL