Thursday, 19 October, 2017

Winklevoss Twins Aren't Giving Up On Their Bitcoin ETF

Bitcoin Price Rises Above Gold As Investors Get Excited About EFT Approval Now May Be a Good Time to Buy Bitcoin
Juana Turner | 13 March, 2017, 00:23

The assumption was that an approved ETF would open the floodgates to both Wall Street and regular investors who want a stake in the digital currency but didn't feel comfortable purchasing it on their own.

The 35-year-old identical-twin entrepreneurs have been evangelists for bitcoin in recent years, insisting it could even replace gold as a stable currency.

An approval would have meant that the public could invest in bitcoin simply by purchasing shares in the ETF, which would trade on a U.S-based stock exchange.

The decision ended a months-long rally that pushed the virtual money's value higher than gold.

The push to get a Bitcoin led ETF is being run oddly enough by the Winklevoss twins, the pair who sued Mark Zuckerberg for allegedly stealing their idea to create Facebook. Last year, NY state approved regulations governing a new exchange operated by Gemini for a virtual currency called Ether.

In less than an hour after the SEC posted its decision, bitcoin lost $300 of value. Our first inclination on the news Friday was to buy more bitcoin, but as we woke up on Saturday and prepared to enter the market, we noticed prices had already recovered. Last year, bitcoin outperformed all major foreign exchange trades, stock indexes, and currencies and commodity contracts. "It is reassuring that the SEC did their job in properly protecting the market".

Bitcoin didn't have its best day yesterday when the Securities Exchange Commission (SEC) issued its first decision on a bitcoin exchange-traded fund (EFT) by rejecting the Winklevoss ETF. "We began this journey nearly four years ago, and are determined to see it through. We agree with the SEC that regulation and oversight are important to the health of any marketplace and the safety of all investors", Tyler Winklevoss said in a statement.

Two other bitcoin ETFs under regulatory review - Bitcoin Investment Trust and SolidX Bitcoin Trust - filed more recently, in January of 2017 and in mid-2016, respectively.

Now the ways of buying and investing in bitcoin are fairly limited: on online exchanges or through a trust that charges premium prices.

Bats, which would have hosted the proposed fund's trading on its BZX Exchange operated by CBOE Holdings, is "reviewing the SEC's notice very intently and will have no further comment", said spokeswoman Hannah Randall.

The regulators have questions and concerns about how the funds would work and whether they could be priced and trade effectively, according to a financial industry source familiar with the SEC's thinking.

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