May 23, 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. Other countries like Canada and Australia already have spot etfs so there is no reason for the US to not have them as well. Futures backed ETFs are a scam that lose around 10% of their value even if the asset stays flat during the year. America needs to lead the way in bitcoin instead of rejecting it. There is a whole group of young people who understand that dollars hold no real value at all and are backed by nothing and we are rejecting it. We believe in a decentralized savings that can not be controlled by central banks. We want money that can't be debased unless the bitcoin community agrees to modify the algorithm (unlikely). Don't be silly, approve the etf and get on board the train. Sincerely, Justin Cross