May. 09, 2022
Dear SEC, I am Benjamin Asa Wyatt, a Civil Engineer from the state of Missouri, and I am in favor of approving the Form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust (OTCQX: GBTC) – the world’s largest publicly traded crypto asset fund, with approximately $30 billion in AUM, hundreds of millions in daily trading volume, more than 850,000 investors, holding approximately 3.4% of all Bitcoins outstanding – into a Bitcoin Spot ETF. I believe a bitcoin ETF would protect investors by investing in Bitcoin by using a trusted system. Not all users of bitcoin users are responsible enough to maintain their own private keys and a bitcoin ETF is imperative to protect these users and give access to this asset by using an ETF. I believe bitcoin is the most trusted monetary network and protocol ever invented. With today’s inflation and government manipulation of world currencies, it is evident that FIAT has failed and cannot be trusted. I will continue to believe in the protocol and price assets in bitcoin. The only way to improve equality and take away the ability for governments to overspend is to hold them accountable by no longer maintaining any perception of value for the US dollar or any FIAT. This gives power to the people who build and make goods for our economy. We will no longer play investment games to prevent losses due to inflation and can maintain out wealth by just being productive citizens and accumulate wealth by simply holding Bitcoin. This year, GBTC has traded at an approximately 25% discount to its NAV, which means the price of GBTC is less than the price of its underlying assets, Bitcoin. With approximately $30 billion in AUM, that results in approximately $7.5 billion of trapped value from existing U.S. investors. Sincerely, Benjamin Asa Wyatt