Despite dwindling public interest and rampant security flaws, there are still two people who believe in the power of the Bitcoin: the Winklevoss twins. The brawny brothers filed plans with the S.E.C. yesterday to establish a fund that lets investors trade the unregulated crypto-currency just like stocks.
It’s going to be called the Winklevoss Bitcoin Trust, and if you order in the next twenty minutes you get a Bitcoin lasered with their faces on it. Just kidding! The plan is to sell $20 million worth of shares (one Bitcoin consists of five shares thus making one each share worth one-fifth of one) to investors looking “for a cost-effective and convenient means to gain exposure to Bitcoins,” the filing said. It’s designed to operate as an exchange-traded fund, similar to the way gold and commodities are traded.
The Winklevoss brothers’ adoration for the fake currency extends back to April when it was revealed they own $11 million in Bitcoins–or 1 percent. Back then, Cameron was pushing for Bitcoins to gain mainstream appeal by telling everyone to hold our butts and we’re in the “early days” of its popularity. The New York Times reports they still stand firm by that notion:
“The trust brings bitcoin to Main Street and mainstream investors to bitcoin,” said Tyler Winklevoss, co-founder of Math-Based Asset Services, which would operate the proposed fund. “It eliminates the friction of buying and reduces the risks associated with storing bitcoin while offering similar investment attributes to direct ownership.”
Approval of the grand scheme might face resistance though since, you know, there’s a lot of uncertainties surrounding Bitcoins. Not to mention that the filing contains 18 pages of “risk factors” that could go wrong with an unregulated currency.
Sign us up!