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New fund launched for bitcoin investors

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Posted September 27, 2013
Bitcoin Thursday got a lift with the arrival of a new investment vehicle that lets wealthy and professional investors bet on the virtual currency.

 
Software engineer Mike Caldwell shows the front (R) and back, hologram side, (L) of a physical Bitcoin he minted in his shop on
Software engineer Mike Caldwell shows the front (R) and back, hologram side, (L) of a physical Bitcoin he minted in his shop on April 26, 2013 in Sandy, Utah.
SecondMarket, a New York-based investment platform that specializes in alternative ventures, Thursday began accepting investors in its Bitcoin Investment Trust, a private investment vehicle that will purchase the virtual currency, store it in a virtual safe of sorts and allot new shares of stock to shareholders as they buy in.

The fund kicked off with seed investment of $2.25 million from SecondMarket, which specializes in alternative investments.

Mark Murphy, a SecondMarket spokesman, said the fund had heard from financial professionals, technology figures, gold enthusiasts and others.

“There’s really high interest,” said Murphy, who said there is no goal as far as the size of the fund.

The fund’s arrival comes as investors look for new ways to bet on the four-year old currency, increasingly used to make payments in online transactions.

There is an estimated $1.5 billion in bitcoin on the market.

Partisans of bitcoin say it offers promise as a global and easily transacted currency outside the purview of central bankers.

Read more at: Phys.org

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