May. 08, 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 have been hurt by the GBTC being unable to convert to a Spot ETF as I preferred actual bitcoin but needed to buy for a retirement account. I am up on this investment as it is long term but I have been hurt by the large discount in the price. It does not make sense why to allow this product and not a Spot ETF. Bitcoin is misunderstood in many ways and is not a dollar replacement. It will be an invaluable tool to software developers in a way that fixes many aspects of the internet. It is only recently that it has gotten to a place where it can meet the needs of these use cases. I am a Software Engineer in San Francisco, CA. Please consider approving a spot Bitcoin ETF Sincerely, Clifford Wright