Topic: 2013-11-08 MarketWatch: SecondMarket’s Bitcoin Investment Trust puts bitcoin in (Read 1032 times)
November 09, 2013, 05:13:58 PM
this also sounds like big news for me, at least very good news.
November 09, 2013, 11:08:00 AM
Quote
Interest in the Bitcoin Investment Trust is coming from technology entrepreneurs, family offices and people on Wall Street. Some family offices are beginning to put a portion of their gold allocation into bitcoin, Silbert said. The Wall Street category includes fund managers and traders “who are investing personally, which we think is a precursor to institutional money coming in,” he added.
Interesting ... seems to suggest this could just be the front running rally by the insiders.
My thoughts exactly. Novogratz (top honcho of 50-billion Fortress fund) already invested his "personal money" in BTC while his fund is still doing "due diligence". And I doubt this is the only hedge fund slowly gearing up to enter the market. Formal investment decisions take quite a bit of time, you know. So, massive front running is very possible.
November 09, 2013, 04:53:04 AM
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Interest in the Bitcoin Investment Trust is coming from technology entrepreneurs, family offices and people on Wall Street. Some family offices are beginning to put a portion of their gold allocation into bitcoin, Silbert said. The Wall Street category includes fund managers and traders “who are investing personally, which we think is a precursor to institutional money coming in,” he added.
Interesting ... seems to suggest this could just be the front running rally by the insiders.
November 09, 2013, 12:38:22 AM
http://blogs.marketwatch.com/thetell/2013/11/08/secondmarkets-bitcoin-investment-trust-puts-bitcoin-in-iras/
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SecondMarket’s Bitcoin Investment Trust puts bitcoin in IRAs
November 8, 2013, 4:48 PM
Forget stocks and bonds. You can now save for retirement by investing in bitcoin.
That’s possible through SecondMarket’s Bitcoin Investment Trust, the open-ended trust that launched in late September and invests solely in the digital currency. The Bitcoin Investment Trust is currently working with three IRA providers — PENSCO, Entrust and Equity Institutional — to allow investors to include bitcoin in their self-directed IRAs, SecondMarket Founder and Chief Executive Barry Silbert told MarketWatch.
“We also were just able to get the Bitcoin Investment Trust into a number of self-directed IRA provider platforms. For the first time, you can now invest in bitcoin in your IRA,” he said.
The Bitcoin Investment Trust currently has about $15 million in assets under management. ”We were aiming for $10 million by the end of the year. We got to $15 million in four weeks,” said Silbert.
The popularity of the trust could be a factor behind the recent surge in bitcoin, which has investors crying “bubble.” Bitcoin prices skyrocketed above $300 this week, recently fetching $347.00 on the trading exchange Mt. Gox. That’s a one-week rise of nearly 63% since $213.50 on Nov. 1, according to the pricing website gold.net, which pulls prices from Mt. Gox. The slew of record highs kicked off early Wednesday, when prices finally jumped passed the intraday record of $266 set in April.
Interest in the Bitcoin Investment Trust is coming from technology entrepreneurs, family offices and people on Wall Street. Some family offices are beginning to put a portion of their gold allocation into bitcoin, Silbert said. The Wall Street category includes fund managers and traders “who are investing personally, which we think is a precursor to institutional money coming in,” he added.
–Saumya Vaishampayan
November 8, 2013, 4:48 PM
Forget stocks and bonds. You can now save for retirement by investing in bitcoin.
That’s possible through SecondMarket’s Bitcoin Investment Trust, the open-ended trust that launched in late September and invests solely in the digital currency. The Bitcoin Investment Trust is currently working with three IRA providers — PENSCO, Entrust and Equity Institutional — to allow investors to include bitcoin in their self-directed IRAs, SecondMarket Founder and Chief Executive Barry Silbert told MarketWatch.
“We also were just able to get the Bitcoin Investment Trust into a number of self-directed IRA provider platforms. For the first time, you can now invest in bitcoin in your IRA,” he said.
The Bitcoin Investment Trust currently has about $15 million in assets under management. ”We were aiming for $10 million by the end of the year. We got to $15 million in four weeks,” said Silbert.
The popularity of the trust could be a factor behind the recent surge in bitcoin, which has investors crying “bubble.” Bitcoin prices skyrocketed above $300 this week, recently fetching $347.00 on the trading exchange Mt. Gox. That’s a one-week rise of nearly 63% since $213.50 on Nov. 1, according to the pricing website gold.net, which pulls prices from Mt. Gox. The slew of record highs kicked off early Wednesday, when prices finally jumped passed the intraday record of $266 set in April.
Interest in the Bitcoin Investment Trust is coming from technology entrepreneurs, family offices and people on Wall Street. Some family offices are beginning to put a portion of their gold allocation into bitcoin, Silbert said. The Wall Street category includes fund managers and traders “who are investing personally, which we think is a precursor to institutional money coming in,” he added.
–Saumya Vaishampayan
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