Can The Winklevoss Twins Save Their Reputation With the First Bitcoin Fund IPO?

 
 
 

Cameron and Tyler Winklevoss have filed an IPO for their Bitcoin holding company, The Winklevoss Bitcoin Trust, according to TechCrunch.

For those plebes out there who DON’T know the Winklevii stance on Bitcoins: in addition to owning 1 percent of Bitcoins, they also led a $1.5 million investment round in Bitinstant, a Bitcoin marketplace. They’ve postulated that during the last Bitcoin bubble of about two months ago — which swung up to almost $270 before collapsing to around $120 — the digital currency economy “kind of choked on itself.”

Bitcoin prices are currently at around $90 — keep in mind this currency is rooted in an anarchic philosophy, basically trying to keep central governments away from monetary philosophy. So are Bitcoins REALLY ready, or even compatible with Wall Street? It was only a month-and-a-half ago that Mt. Gox, the world’s largest Bitcoin exchange, was raided by the feds, and accused of operating an “unlicensed money transmitting business.”

The New York Times says that the IPO is an attempt to remove the stigma of Bitcoin, but it seems more of an attempt to remove the stigma of, well, the Winklevii — to make the public remember them for something other than their Facebook fiasco. Noted Bitcoin-hater Felix Salmon also gave his two cents in Reuters, placidly stating that “the SEC will never, ever, approve this product.”

Still, the current Bitcoin market is around $1 billion, and if the Bitcoin Trust does its job — transferring virtual money seamlessly to retail investors — then Armie Hammer may soon be reprising his role as the duo in “The Social Network 2: The Rise of Winklevii.”