Winklevoss Twins Readying Bitcoin ETF
Those legendary social media pioneers the Winklevoss twins are out to disrupt the world of investing with a bitcoin-based exchange-traded fund (ETF).
The twins have filed paperwork naming State Street as the administrator for the fund with the Securities and Exchange Commission (SEC); the agency that regulates America’s financial markets, Fortune reported. State Street will run the fund; the twins will put up the seed money, and Gemini Trust Company, a digital currency trading firm owned by the brothers will provide the bitcoin.
An ETF is an investment company with shares that trade on public markets like the New York Stock Exchange (NYSE). Such vehicles are popular in the United States because they lesson the risks of trading. Many Americans invest in them through retirement accounts, so if the Winklevoss’s plans succeed people will able to invest in bitcoin through IRAs and 401ks.
That means tens of millions of average middle class people will be able to invest in bitcoin which might transform the cryptocurrency from a fringe medium into a mainstream investment. Bitcoin is already popular with middle class investors in some developing countries and China; where it is seen as an alternative to shaky currencies, now it is posed to enter Middle America.
Bitcoin Goes Mainstream
The Winklevoss brothers are not the only ones pushing to take Bitcoin mainstream. The operator of the world’s largest futures and derivatives exchanges the CME Group has created gouges of bitcoin value that might form the base for bitcoin futures that would trade on its exchanges.
Around 100,000 people in India downloaded Zebpay; a bitcoin exchange app, after that nation’s Prime Minister Narenda Modi announced the withdrawal of the country’s two largest bills from circulation. News reports indicate that interest in bitcoin in India skyrocketed because the 1,000 and 500 rupee notes will disappear.
Bitcoin is thriving around the world because several countries including China, India and Zimbabwe have been thrown into monetary chaos, Cryptocoin News reported. Widespread distrust in currency in countries like Egypt and Argentina is driving large numbers of people to buy Bitcoin.
Fears of Brexit in the United Kingdom; Donald Trump in the United States, and currency controls in China are also driving Bitcoin prices up. If these trends continue, Bitcoin values might double or triple and the Winklevoss twins will become big time financiers and major players on Wall Street.
Meet the Winklevoss Twins, Wall Street’s unlikely new Power Couple
Tyler and Cameron Winklevoss helped found something called Harvard Connection an early social media platform for students at their Alma matter – Harvard University. That became ConnectU; which was stolen by a classmate named Mark Zuckerberg, who changed its name to Facebook.
The two sued Zuckerberg; won $65 million, and went onto become true believers in bitcoin and venture capitalists. At one point they owned one percent of the world’s bitcoins.
Along the way they competed in rowing at the Beijing Olympics and won a gold medal in 2008. Both twins were played by Armie Hammer in The Social Network. They’ve also been lampooned on The Simpsons. They also operate a bitcoin exchange called Gemini and Winkdex which tracks bitcoin prices.
If the Winklevoss’s succeed in launching a bitcoin-based ETF, one has to wonder if an ethereum-based fund will be far behind. It looks as if cryptocurrencies are about to go mainstream.https://geekcrunch.reviews/winklevoss-twins-readying-bitcoin-etf/https://i0.wp.com/geekcrunch.reviews/wp-content/uploads/2016/11/WinklevossTwins.jpg?fit=640%2C450&ssl=1https://i0.wp.com/geekcrunch.reviews/wp-content/uploads/2016/11/WinklevossTwins.jpg?resize=150%2C150&ssl=1InvestmentsBitcoin ETF,Bitcoin Goes Mainstream,Bitcoin prices,bitcoin-based ETF,Cryptocurrency,Gemini Trust Company,State Street,Tyler and Cameron Winklevoss,Winkdex,Winklevoss brothers,Winklevoss TwinsThose legendary social media pioneers the Winklevoss twins are out to disrupt the world of investing with a bitcoin-based exchange-traded fund (ETF). The twins have filed paperwork naming State Street as the administrator for the fund with the Securities and Exchange Commission (SEC); the agency that regulates America’s financial markets,...Daniel JenningsDaniel Jennings[email protected]AuthorGeek Crunch Reviews