Bloomberg reports the Winklevoss brothers have filed forms with the Securities and Exchange Commission to create a bitcoin ETF.
“Cameron and Tyler Winklevoss, known for their claim to have co-founded Facebook Inc., own 1 percent of all outstanding bitcoins, worth about $10 million. Their plan to make bitcoin more mainstream has generated some skepticism about potential risk,” says the report.
The article points out that the brothers’ filing itself contains the best reasons not to even consider such an investment. It notes bitcoin may soon become illegal (thanks in part to its popularity among drug pushers), and the fact that the duo has no experience running an investment vehicle like an ETF.
Read more here.
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