Bitcoins float by Winklevii

In April Cameron and Tyler Winklevoss claimed their Bitcoin portfolio was worth $11 million — around 1 percent of the currency’s dollar equivalent at the time — and now the pair are hoping to bring the alternative currency to traditional investors. As reported by The New York Times, the Winklevoss Bitcoin Trust would function as a normal exchange-traded fund — but instead of focusing on stocks, the fund would be made up of Bitcoins. Since shares in these types of funds are traded, investors would essentially be buying and selling Bitcoins without having to deal with the specifics of the alternative currency itself. According to the proposal filed by the twins, owning five shares of the trust would be the equivalent of owning one Bitcoin.

Whether this will work, I’m not so sure.


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