Published: Mon, March 13, 2017
Business | By Sandy Mccarthy

Winklevoss twins lose bid for bitcoin trade fund

Winklevoss twins lose bid for bitcoin trade fund

It should be noted that on 3 March, prices of bitcoin hit $1300 levels - more than the price of gold - in anticipation of an approval for ETF from the SEC.

Cameron and Tyler Winklevoss, entrepreneurs known largely for suing Mark Zuckerberg after accusing him of stealing the idea for Facebook, have been trying to persuade the SEC for years to open the bitcoin ETF.

In comments to the SEC on the Winklevoss ETF proposal, Williams wrote, "There are several fundamental flaws that make bitcoin a unsafe asset class to force into an ETF structure".

As bitcoin continues its attempt to move toward legitimacy and stability, the cryptocurrency was handed a significant defeat Friday when the Securities and Exchange Commission denied the application for a bitcoin-centric exchange traded fund.

Exchange-traded funds have grown in popularity among individual investors. These factors check many investors' boxes for alternative investments. The Winklevoss index averages the price across numerous bitcoin exchanges. Instead of offering physical coins or bills, the currency system is all electronic, with a set 21 million bitcoins available.

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The decision to turn down the EFT, which would have significantly improved the liquidity of bitcoin, caused the price of the crypto currency to plummet. Between 2014 and 2016, the currency hovered between about $200 and $800 - before staggering upward to $1000-plus values in 2017.

"How do we develop well-capitalised and regulated markets in the USA and Europe if financial innovators aren't allowed to bring products to market that grow domestic demand for digital currencies like Bitcoin?" asked Jerry Brito, executive director of Coin Centre, an advocacy group. As of 2015, more than 100,000 merchants around the world accept bitcoin as a form of payment, including Microsoft, Dell and Expedia. Bitcoin advocates have lauded the decentralization - meaning no one agency has control over it - claiming that the digital money isa great alternative for anyone tired of a central banking system.

"Bitcoin is still in the relatively early stages of its development and that, over time, regulated bitcoin-related markets of significant size may develop". That makes it attractive to off-the-grid types such as libertarians, people who want to evade tax authorities, and criminals, even though bitcoin doesn't guarantee anonymity, since it documents every transaction in a public forum.

Analysts speculated that Trump's economic stimulus plans could boot bitcoin's value up toa whopping $2,100.

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