May. 13, 2022
Dear SEC, I’m writing to express my support for the conversion of the Greyscale Bitcoin Trust to become and ETF. I believe the U.S. needs to lead in the area of Bitcoin and it’s appropriate regulation in the U.S. Market. Someday, it will be looked back upon as an EPIC FAILURE of China to restrict and shutdown their Bitcoin Mining Operations. By doing so, all they did was redistribute and further decentralize Bitcoin Mining around the world to where the cheapest energy exists. This only made the Bitcoin network stronger and more resilient. Bitcoin will exist in the future regardless of what any Sovereign Governments try to do to stop it. There already is a Canadian Spot Bitcoin ETF as with and Australian Spot Bitcoin ETF. The U.S. needs to not only participate in the inevitability of Bitcoin, but we are currently poised to lead the world in an open monetary system known as Bitcoin. I do not want the U.S. to lose our current advantage in this new area of technology. The Federal Government along with the States should be obtaining and stacking this scarce digital property known as Bitcoin. Currently the Main Stream Media see’s no difference between ‘Tech Stocks,’ ‘Crypto Currencies’ and ‘Bitcoin.’ Currently those three things are coupled together in the public consciousness. However, there is a MASSIVE DIFFERENCE between these three things. What is needed is education and understanding and I would suggest that all parties involved in this decision at the SEC do the necessary homework to understand why Bitcoin is here and what it means to the future of financial services. Not having a Bitcoin Spot ETF puts the U.S. at a disadvantage to other nations that already do. If you or others do not fully understand Bitcoin, I would suggest you watch the following video on YouTube: The Trust Machine and (how & why Bitcoin works): https://youtu.be/ZKwqNgG-Sv4 best, Jack Jack Mulqueeney