Bitcoin Forum

"On March 1, 2015, Grayscale Investments (the sponsor of the BIT) announced that it has received regulatory approval from FINRA for the fund to trade publicly on an electronic platform operated by the OTC Markets Group.

This announcement ensures that the BIT will be the first publicly traded bitcoin investment fund and could pave the way for more stability in the price of bitcoin. It is also possible that a publicly traded fund like the BIT could have the same effect on the price of bitcoin as the SPDR Gold ETF had on the spot price of gold."

Article: http://www.cnbc.com/id/102476273



This is big news, hello people?  ;D

Hopefully so.  But then any failure of BIT will be widely reported as a failure of Bitcoin itself.

Or, its success could lead to widespread adoption of Bitcoin by traditional financial investors.  I like that one better.

For sure ... this news is great.
Let's hope that BIT will not fail.

Let's hope that BIT will not fail in what ? Making themselves profit or in pumping bitcoins price/spreading and adoption.
Im positive that they wont get out without alot of profit for themselves, but how will that affect bitcoin price long term is what im concerned about.

They are made of people just like you and me, and they target profits, even if that means making another bubble, just to harvest it, and let it die out, leaving many hands burned and away from bitcoin for good.
I may be over sceptical, but i know what greed can do to a man, but someone also has to do what they're doing, i just hope they dont play their cards wrong way.

cheers

well, not so golden,still some pendant auctions and still no etf, still no really adoption....
We will see the golden moment, but it is not now

The first publicly traded investment fund was made for Bitcoin... I'd say that's a very golden moment.

surely a golden moment ;D
Hope it stays and make big

don't know about golden moment, read article

good news for sure

and with good news all time like remittance applications using bitcoin this is more good news

abra
http://www.coindesk.com/launch-bitcoin-remittance-abra/

This should happen at some more places to make it better, as if it's limited, it can't stabilize the price.

I agree with this.
We had many such ''big'' news in the past including that some ''big'' merchants will accept BTC, but still we didn't make breakthrough, price didn't stabilize...
I don't think that single ''great'' news can help much but many positive news over period of time can help BTC to become mainstream eventually.

Great news indeed. But what's the difference between BIT and Winklevoss' Bitcoin Trust ETF filing (not yet approved)?

Is it essentially the same thing? In both cases bitcoin will be (indirectly) publicly traded.

On related subject, there's also first publicly traded bitcoin exchange:

https://bitcoinmagazine.com/19465/breaking-canadian-exchange-quadrigacx-become-worlds-first-publicly-traded-bitcoin-exchange/

I do not know if that is indeed great news for bitcoin. I feel like that is just one step closer to taming bitcoin and make it dependent on financial institutions and regulations.

Hmm. Don't get me wrong here. Sure this is a good news for bitcoin, but what if they came here just go go get some hefty profit for themselves? After all, they're in it for the business, not for the community itself.

I don't expect we'll see bitcoin's golden moment until another two or three years pass. We are in early days here, folks. It strikes me as highly probable that some horrible fiat catastrophe will bring on bitcoin's golden moment.

Off course this is good news, it helped rally Bitcoin's price several points the last few days.

That said, it's not Bitcoin's "Golden Moment".  It's a fund but it won't be trading on any major exchanges anytime soon.  I think it's on the OTC Markets or Pink Sheets for now.

Bitcoin's true golden moment will probably be the COIN ETF, as you will definitely get Wall Street Old money throw their hundreds of millions of play money at it seeing what happens....

on the same lines, how did BIT jump the Wiklevi and get approved first? They have been trying for ages to get theirs going, without sucess, then out of no where comes another ETF...
They don't have to be different, there are loads of duplicate ETFs and ETCs in other markets, I hope they are both fluid enough though, otherwise if the liquidity is bad no one will want to buy either.

From what I understand BIT got FINRA approval, while Winklevoss Bitcoin Trust filed for SEC approval.

But I've no idea what's the difference in practice and how's it possible to be FINRA approved without SEC approval (or the other way around?).

From what I understand, if you only have FINRA approval, there are a lot of types of investors that can't use the exchange. With SEC approval Hedge Funds and such can play. SEC is the real deal.

Hi,

Well the price is moving since, i think most people have got the message.  The auctions going on right now are very important to us keeping this bull run.

Yep. This is a step in that direction though. This, then Bitlicense/defined reg, then Gemini and similar exchanges, then ETF. Boom.

Fixed that for you.