How The Bitcoin Investment Trust Pushes Bitcoin Into Mainstream Finance

It’s getting harder by the day for traditional investors to ignore bitcoin. Today, The Wall Street Journal reports that the Bitcoin Investment Trust (BIT – which began trading on the OTCQX market May 4 under the ticker symbol GBTC) could bring bitcoin broader acceptance by investors. Some analysts think the fund could prompt speculative interest in bitcoin like the launch of gold exchange traded funds (ETFs) in precious metals a decade ago.

The Securities and Exchange Commission is currently reviewing an application for what would be the first official bitcoin ETF, the Winklevoss Bitcoin Trust, the article noted.

Also read: Wall Street Investment Firms Can’t Resist Bitcoin

A Move Towards Mainstream Finance

Gil Luria, an analyst with brokerage firm Wedbush Securities, sees BIT as part of bitcoin’s move toward the mainstream of finance. Other recent signs of acceptance on Wall Street include the decision of the New York State Department of Financial Services to regulate itBit Trust Co., a bitcoin exchange, and Goldman Sachs Group Inc. claiming

Read more ... source: CryptoCoinsNews