May. 10, 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. <BR><BR>** I’m a 34 year old investor living in Illinois. Bitcoin is going to be a huge asset class in the next 10 years, and I want to be able to invest in a bitcoin ETF so I don’t have to hold my own keys. The futures ETF leaves room for more savvy investors to arbitrage bitcoin due to the structure of the futures. A spot ETF of Bitcoin is a no brainer. Investors are smart enough to invest the money we make. There is a HUGE cost to not being able to easily invest in a leading technology. Sure we need guardrails, but a S pot ETF will actually cut down on scams targeting people trying to get into bitcoin. I have not invested in the futures ETF, but will as soon as the spot ETF is available. Please approve a spot Bitcoin ETF. Grayscale already has the bitcoin so it wouldn’t change the spot market much, but it will cut down on the large discount to NAV as well as the fees they charge as they’ll need to lower it to an competitive ETF rate. Investors truly want and deserve a spot bitcoin ETF so we don’t have to deal with these other proxies. With inflation so high investors need a good hedge to inflation with growth upside. Over the past 12 years my $100 cash is now worth $73. That won’t change as the government needs inflation I order to depreciate the nations debt so it would be nice for investors to have bitcoin as a hedge to this inflation to keep purchasing power. Not to mention all of the other benefits of bitcoin on our economy. ** Sincerely, ** [Tony Bognanno] ***