The Winklevoss Twins, fresh off working deals in the Hamptons that involved Bitcoin payments, have got a new scheme up their sleeve: they’re starting a Bitcoin ETF (Exchange Traded Fund).
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Tyler and Cameron Winklevoss are the co-founders of Facebook; after Mark Zuckerberg lost a $ 65 million legal dispute with the Harvard establishment insiders, also close friends of the derivatives executive and former Harvard University President Larry Summers, these Bitcoin entrepreneurs want the next episode in their career is starting a Bitcoin index ETF. The pair plan selling 20,000 shares in 2015.
Have the Winklevoss twins discovered the subsequent growing trend?
Enjoying their victory over Zuckerberg, the Winklevoss twins claimed this spring to have “discovered” the next growing trend that will eclipse Facebook Inc (NASDAQ:FB): Bitcoin. The symbol or ticker with the new ETF will be COIN and comes amidst a difficult environment. The Mt. Gox fund “disappearance” is in many different ways like the initial stages of MF Global when customer money “vanished,” but was later “found” in a large bank.
The way the Winklevoss twins discovered the internet
Almost considering themselves the Columbus of Bitcoin, the twins apparently overblown in telling the tale of how they “discovered” the web while partying the day away in Ibiza, with a reputation for a hub for electronic music and late night partying among Europe’s young, rich and idol class. “We were on vacation, and happened to stumble upon someone who is a mutual friend and then he began to inform us about Bitcoin,” Tyler Winklevoss explained within the interview. “We were fascinated from the start.”
This really is great but retail investors likely won’t comprehend it and professional investors even more so. But there is a bunch who might.
They could pitch the Bitcoin ETF for a volatility play to professional quantitative traders. The “currency” on which it is actually based has price swings that a lot of within the derivatives and algorithmic trading spaces would salivate over. Really the only fear if for those who have the view that Bitcoin could become worthless, which is a hard trade by which to recover; unless the trader were to be shorting.
What we think?
This is excellent for Bitcoin due to the extra credibility for Bitcoin, it reveals that Bitcoin is a real currency which enables it to now be traded on the NASDAQ; which not only adds to the prestige of Bitcoin and it is likely to raise the valuation on Bitcoin it will also make investment a lot more simple and available to folks with less understanding of Bitcoin.
Our primary attention is usually that those who are new to Bitcoin instead of familiar with the volatility may get a serious shock, particularly if they trade on margin; which may easily damage peoples portfolios and savings. This isn’t a Bitcoin problem, it’s actually a issue with many idiotic retail traders who leverage themselves excessively. Over consumption in something as volatile as Bitcoin may get you the dreaded margin call very quickly.
So for those who know how to manage their risk and trade sensibly this is an excellent tool which can give people some excellent trading opportunities and could be a great accessory for an investors portfolio, however, it must be treated with the respect that it deserves and we hope the Winklevoss twins emphasise this.