May. 06, 2022
I'm in favor of the Grayscale Bitcoin Trust's proposed conversion to a spot ETF for the following reasons: This would make market access easier for small investors, by avoiding the fluctuating premium that is current involved with GBTC. I believe that the lack of a spot ETF in fact makes it more dangerous and riskier for investors to invest in bitcoin, since managing a wallet and losing your private can cause you to lose your bitcoin entirely. While exchanges like Coinbase make investing in bitcoin a bit easier, Coinbase charges relatively huge commissions for buying bitcoin, which again makes bitcoin less accessible to the average investor. In addition, I support additional spot ETFs in the market since Grayscale via GBTC currently has a monopoly on owning bitcoin in the traditional stock market. With properly regulation mechanisms in place, spot ETFs would be a much safer alternative for investors to have a store of value that is much easier to own than gold. Regards, Suresh