It is always interesting to see new faces pop up in the world of Bitcoin and cryptocurrency. In most cases, these are individuals looking to diversify their existing portfolio. However, a SEC document shows the Rothschild family has bought close to US$210,000 worth of Bitcoin recently. Although this is only a small amount, they purchased it through the Bitcoin Investment Trust. An interesting turn of events, to say the least.
Very few people expect families such as the Rothschilds to pay attention to Bitcoin. After all, they are the biggest family in the banking sector today. There would be no incentive for them to pay attention to a banking competitor by any means. Let alone see them buy Bitcoin for an unknown reason. Interestingly enough, that is exactly what happened. A report on the SEC website confirms this purchase, which is rather significant.
A Bitcoin Purchase by the Rothschild Corporation
More specifically, the document is filed by Rothschild Investment Corp. In this report, Bradley C. Drake, Executive VP of the company, confirms the company has purchased US$210, 000 worth of Bitcoin through GBTC. Over the past few years, we have seen how the Bitcoin Investment Trust continues to make media headlines. Now that the group is on the radar of the Rothschild family, things will get a lot more interesting. The amount is rather small, though, which leaves a lot of room for speculation.
At the same time, no one should be surprised the amount is so small. There is no reason for the Rothschild family or their companies to purchase large amounts of cryptocurrency. Given the fact there is a limited supply of bitcoins, any purchase is a smart one. Then again, this purchase is made without any apparent reason. Diversification of a portfolio is important, even if you are a member of the Rothschild clan. It will be interesting to see how this investment plays out in the coming years.
Even if this investment doesn’t pay off, US$210,000 is nothing major for the company. Given their vast amount of different investments, Bitcoin is a blip on the radar. It is interesting to see them validate Bitcoin Investment Trust in such a way, though. This shows there is a need for access to Bitcoin through institutional vehicles. A Bitcoin ETF approval would see lots of new money pour into cryptocurrency. For now, such an ETF is well out of reach, though, unless the SEC suddenly changes its mind.
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