As you’ve probably read, the Winklevoss twins have been trying to get a publicly-traded Bitcoin fund on the market for some time now. Theirs is to be COIN, but in a turn of events, the Bitcoin Investment Trust has beat them to the punchline and will soon be listed as BTCV, according to the Wall Street Journal.
The Bitcoin Investment Trust is conglomerate of smart and old money who believe the future of money will include Bitcoin. It was launched in 2013 by a few financial firms, and its value stems wholly from the fiat price of Bitcoin, with no diversification or dilution of purpose.
While this writer is not a financial analyst, simple logic tells us that if everyday stock traders are trading a Bitcoin stock now and they want to see the value of it increase, the price of Bitcoin will have to increase first.
The majority of the customers who have invested with BIT have done so in order to avoid the risks associated with price volatility by holding Bitcoin directly. The fiat value of Bitcoin has been steadily rising since the end of last week, and analysts are saying that it will continue in this direction.
It appears that there will be multiple options for non-enthusiasts to invest in Bitcoin without the barrier of education or the problem of securing their funds. In some ways, this is similar to a bank storing gold bars for customers.
Last modified: June 13, 2020 9:36 PM UTC