Got spare $dollars? Consider this new “simple investment vehicle” for bitcoins

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Got spare $dollars? Consider this new “simple investment vehicle” for bitcoins


On Thursday, a New York-based firm called SecondMarket announced the launch of the Bitcoin Investment Trust, a new way for American investors to effectively bet on the future price of bitcoins. As Ars has reported in the past, this wouldn’t be the first Bitcoin fund in the world. Last year, Malta-based Exante launched its service in Europe. But SecondMarket is hoping to make it easier and safer for investors to put down some serious coin (at least $25,000 worth) in a virtual currency that is notoriously difficult to use and rife with shady players.


“Auditing and classification standards for Bitcoin have not yet been broadly adopted,” Bitcoin Investment Trust warns on its site. “However, the BIT, which will be audited by Ernst & Young, enables investors to invest in Bitcoin via a security, making it eligible for investment for institutions, certain IRAs, and other types of brokerage accounts.”


Previously, some experts told Ars that the expansion of secondary markets could help stabilize Bitcoin’s volatility. Other economists remain skeptical that Bitcoin is the real deal. “It’s play money in the virtual casino,” James Angel, a business professor at Georgetown University told Ars earlier this year. “Everybody else is trying to outguess each other. Bitcoin has turned into a very large multiplayer online game in which everybody is trying to out speculate each other.”


 


EXANTE BITCOIN FUND-  Initial Subscription – The minimum initial subscription is 1 BTC and minimum account with EXANTE starts from 10 000 € for individual and 50 000 € for institutional clients.

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