May. 06, 2022
Hello, I am writing to ask that the SEC approve Grayscale's Bitcoin spot ETF application. I believe strongly that Bitcoin is the future of money and could have great benefits to the people of the USA and the US government should they choose to embrace it. I think most people believe that free markets are good, and that should include capital markets which are currently heavily manipulated by the Federal Reserve and anything but free. Letting the fed set interest rates is essentially a form of rent control which has been proven time and again to not work as intended and have disastrous consequences. Bitcoin operates outside of government control and its monetary policy is set in stone, making it impossible for governments to manipulate the supply. It has proven itself to be secure and more efficient than the legacy financial system, and if used to its full potential could streamline the way we transact in commerce across the world and domestically. By approving a Bitcoin ETF, investors will be empowered to invest in this emerging technology and take a larger share of the very limited supply of Bitcoin. This is important if the US wishes to stay on top as the world's biggest economy. Many countries of the world are tired of being reliant on the US dollar and suffering the shadow tax of inflation of the money supply for no benefit to themselves. As they realize there is a better alternative, they will begin to divest of their reserves of US dollars in favor of a better form of money, which will have disastrous effects on the US economy. By allowing investors to have a more legitimate way to invest in Bitcoin through their brokerage accounts we can begin to get ahead of this problem by putting this money into the hands of the people of our nation and remain rich and prosperous for generations to come. I believe it is vital for us to do this as soon as possible for the stability and security of our nation. Thank you, Zachary Jillie