The famous Winklevoss twins Tyler and Cameron, who became famous when they claimed that the Facebook CEO Mark Zuckerberg stole the idea of the social network from them, were seeking investors to fund the online currency Bitcoin.
The twins filed in the U.S. Securities and Exchange Commission today a proposal of 1 million shares as a trust fund. Cameron signed as the chief operating officer while Tyler plays the role of the chief financial officer.
Bitcoin is an online currency developed by Satoshi Nakamoto launched in 2009. It is like a digital wallet you can use to purchase items online including illegal drugs. It is also used as fund for online gambling. The value of Bitcoin has fluctuated from $266 high to $45 low during the second quarter of this year.
The twins filed a Winklevoss Bitcoin Trust today to draw investors who were hesitant in involving themselves in the online currency.
“The shares are intended to provide institutional and retail investors with a simple and cost-efficient means, with minimal credit risk and using the trust’s proprietary security measures, of gaining investment benefits similar to those of directly holding Bitcoins,” the filing said.
Bitcoin has been reviewed by several financial analysts and economists looking at the sustainability of the business. Felix Salmon, former blogging editor of Reuters, considered its value a bubble or inconsistent. However, he mentioned that it is still “in many ways the best and cleanest payments mechanism the world has ever seen."
Nicolas Christin, associate director of the Information Networking Institute, also made an analysis about Bitcoin’s association in the online black market Silk Road where people can purchase items anonymously using Bitcoin as mode of payment. He revealed that the site earns about $1.9 million a month through Bitcoin purchases.
The SEC filing made by the Winklevoss twins is a move to make Bitcoin more legitimate. However, there was no confirmation if it will disconnect itself from illegitimate transactions.
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