Jun. 06, 2022
I am a current investor in Gray Scale Bitcoin Trust Symbol (GBTC). I am retired and have substantial assets which far exceed my needs for retirement. I made most of my wealth in the stock market by saving and investing earnings from my employment. I have a dual college degree from Missouri State University in Economics and Accounting and was a CPA in my early career. Thereafter, I spent 40 years in commercial real estate leasing and management. I take a relatively conservative approach to investing maintaining a substantial cash balance adequate to sustain my life style for 10 plus years and invest the rest approximately 50% in the S&P 500 and the balance in a mix of growth and income stocks. I recently invested approximately 2% of my assets in GBTC. I fully understand the risks involved with Bitcoin as an investment which is why I waited many years before electing to invest a small percentage of my assets in a Bitcoin Product. If you think about it, the US dollar or any other currency is just a piece of paper. What gives it value is two things. First the dollar is backed by the US government and is specifically designated as "Legal Tender for all debts Public and Private" but more importantly it is "Generally accepted" by most people and businesses for payment! As time has gone on Bitcoin has garnered ever increasing acceptability not so much as a currency but as an investment class similar to Gold. Granted gold is said to have intrinsic value, which is largely in the eyes of the beholder, as is the value of art or most other forms of investment. At the same time Bitcoin like most things of value or stores of wealth have a limited availability or scarcity. As such earlier this year I decided I would invest in a little Bitcoin if the market went down substantially which it did. The reason I chose to invest through Gray Scale is I am older and like most older individuals I am not that technically skilled. As such I feel safer buying the GTBC product through my various brokerage accounts so I don't have to deal with purchasing actual Bitcoin on line and I feel much safer having a professional company like Gray Scale secure the underlying asset. My concern is with GBTC I am not assured my investment will accurately track the price discovery in Bitcoin. I realize there are futures ETFs available however they incur unnecessary costs trading in futures contracts. As such I fully support the Gray Scale application to become a spot-based Bitcoin ETF. I believe this will provide a much safer vehicle for investors of all ages to participate in the gig economy realizing if investors decide to participate in the Crypto Curreny market they will find a way even if it requires greater risk. I think this is the SEC's opportunity to reduce that risk as much as possible while not stifling innovation. Your consideration of this request is appreciated! Sincerely, Robert G Wilson