Jun. 15, 2022
Dear SEC, I am John Daly, MD from California 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 holding over approximately 3% of all Bitcoins outstanding – into a Bitcoin Spot ETF. I want the option to invest in Bitcoin in an ETF that tracks the current price of Bitcoin. And not risk it's price dropping more than Bitcoin actually drops. I am tired of the human manipulation and errors made by the Federal Reserve who were irresponsibly printing excess money while downplaying inflation saying it is "transient" and now having further influence and "tightening" monetary policy causing chaos in the markets. I'd like to be able to allocate some of my hard work into Bitcoin with the hopes it can be independent of excessive printing that later needs tightening and causing human made fluctuations in my attempt to build wealth over long periods of time. This year, GBTC has traded at a discount to its NAV, which means the price of GBTC is less than the price of its underlying Bitcoin assets. This discount makes me uncomfortable as I don't know that I can count on GBTC correlating with the Bitcoin I'd like to allocate some of my money to. I accept the risks of Bitcoin itself going down, but don't want to also risk an investment in GBTC going down due to an even higher discount if the price of Bitcoin goes up or remains steady. Sincerely, John Daly, MD