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Title: Bitcoin Investment Fund Manager: Wall Street Set to Plunge Into Digital Currency
Source: [None]
URL Source: http://www.moneynews.com/Markets/Si ... 91_12132013&promo_code=15F06-1
Published: Dec 13, 2013
Author: Dan Weil
Post Date: 2013-12-13 18:07:33 by BTP Holdings
Keywords: None
Views: 103
Comments: 3

Bitcoin Investment Fund Manager: Wall Street Set to Plunge Into Digital Currency

Friday, 13 Dec 2013 09:53 AM

By Dan Weil

Investors are poised to plough major dollars into Bitcoin investments, says Barry Silbert, founder of such an investment vehicle — Bitcoin Investment Trust (BIT).

BIT allows institutional investors to invest in bitcoins without holding the currency themselves.

"We launched six weeks ago and we're up to $70 million. That blows my mind. We were hoping to get to $10 million by the end of the year," Silbert said at a recent private dinner to discuss the currency, http://Entreprenreur.com reports.

He sees many more investors ready to take the plunge. "We're three to six months away from Wall Street dollars moving into Bitcoin in a big way," Silbert noted.

But in a sign of the digital currency's volatility, the value of BIT recently dipped to $63 million, according to http://Entrepreneur.com. The bitcoin traded Thursday at $892, down 7 percent from Wednesday.

Silbert expects "the price volatility is only going to get worse," in the near term. "We haven't seen anything yet."

He added, "Once Wall Street starts putting money into Bitcoin — we're talking about hundreds of millions, billions of dollars moving in — it's going to have a pretty dramatic effect on the price."

Silbert explained that some people already can use their individual retirement accounts to invest in bitcoins. And wealth-management divisions of Wall Street banks should offer bitcoin investment options soon, he added.

Hedge funds and other institutional investors will come next, Silbert says, and finally Wall Street banks will follow for themselves — in search of profits.

But some experts think the bitcoin is vastly overhyped.

"It's a bubble," former Federal Reserve Chairman Alan Greenspan told Bloomberg. "It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of bitcoin is. I haven't been able to do it. Maybe somebody else can."

Read Latest Breaking News from http://Newsmax.com www.moneynews.com/Markets...ode=15F06-1#ixzz2nOmv6nG0


Poster Comment:

Bitcoin is indeed the digital currency of the future. Now, if I could only interest someone with money to back me up on it. ;)

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#1. To: BTP Holdings (#0)

Not me.

This schit is for the insane. imo

“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken

Lod  posted on  2013-12-13   18:32:15 ET  Reply   Trace   Private Reply  


#2. To: Lod (#1)

This schit is for the insane. imo

It could all disappear with the push of a button. ;)

"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke

BTP Holdings  posted on  2013-12-13   20:09:34 ET  Reply   Trace   Private Reply  


#3. To: BTP Holdings (#2)

Correct.

If I buy something, I want it delivered to my front door; not to some cyberstore.

“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken

Lod  posted on  2013-12-13   20:20:17 ET  Reply   Trace   Private Reply  


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