Bitcoin ETF1 investors Winklevoss Twins set to list on New York’s NASDAQ exchange writes Dan Howitt.
Bitcoin is currently inaccessible for most investment banks as there is a lack of regulation when trading in it. This means currently Bitcoin is classified as a high risk asset. However when Bitcoin is wrapped in an Exchange Traded Fund, like gold is today, the regulation concern goes away completely. Check out this vid on Bloomberg.
If this Bitcoin ETF goes through, I would be expecting an 3x upswing in price per Bitcoin, trading at $643 at the time of writing. Many investment banks have been sitting on the on the fence. The ETF will open the flood gates.
This month https://www.circle.com/ is also launching their wallet service – where you can buy Bitcoins with a credit and debit card. Again, the likelihood is a massive price increase. Circle are essentially going for mass market adoption and have around $20 million in VC funding.
The Winklevoss brothers who are rumoured to own around 1 percent of all Bitcoins have said they are forecasting the price to reach $40k.
note from TD: trefor.net is a Bitcoin investor and bought in at £292 (approx $500). If the price hits $40k we will throw a party.
1 Exchange Traded Fund – an investment fund traded on the stock exchange.