There are, there is also a parallel global economy that allows for obtaining goods, services and investing in private equity or other assets directly using bitcoin, so those conversion fees are not an issue for the bitcoin owner. To counter the easiest rebuttal, there probably are only about $1bn worth of things to buy using bitcoin any given day, most of which are other new digital assets that would not be a great investment and would otherwise struggle to obtain any purchases.

But for reference, in today's market you could expect to be able to negotiate a 1-2% spread in converting $1Bn in bitcoin to US Dollars. It would have to be multiple orders throughout the day as an OTC dealer will quote on price for $100m and a different price for $1bn.

Block orders in the bitcoin OTC market often has more daily volume than the lit market on exchanges. Similar to other commodities markets.

I get extremely tight spreads closer to .001% with Bank of America wire transfers, Wells Fargo wire transfers, and ATM withdrawals in foreign countries, specifically Mexican Pesos, Swiss Francs, Euros.

It exactly matches the spot FX rate that I would see on my broker's terminals.

Transferwise has not been better for me, except to easily allow me to have Euro bank accounts as an American.

I usually get between 0.5% and 1% spread at my bank and my company is tiny so these are list rates.