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As vehicles emerge that allow institutional investors to access Bitcoin and other cryptocurrencies as an asset class, will we see meaningful adoption or will the big money remain on the sidelines? Given that the value of Bitcoin is uncorrelated to the returns of other assets, I suspect this is only the beginning for mainstream institutional support for cryptocurrency investment.
Barry Silbert’s Bitcoin Investment Trust is poised to become the first publicly traded bitcoin fund, with approval and assignment of a ticker symbol by the financial industry’s main self-regulatory body paving the way for trading on an electronic platform operated by OTC Markets Group . The BIT, which was first launched in 2013 as a private fund for accredited investors with annual incomes greater than $200,000 or assets of more than $1 million, has been racing against a rival offering by twins Cameron and Tyler Winklevoss, best known for their lawsuit against Facebook Inc. Chief Executive Mark Zuckerberg .
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