Tyler and Cameron Winklevoss discuss the state of their Bitcoin ETF, the Winklevoss Bitcoin Trust, with Bloomberg TV at the Money20/20 conference held last week in Las Vegas.
The Winklevoss brothers filed plans for the Winklevoss Bitcoin Trust in mid-2013, and while the exchange-traded fund (ETF) is still under review from the Securities and Exchange Commission (SEC), the brothers assured Bloomberg TV's Erik Schatzker in an interview led during the Money 20/20 conference in Las Vegas, that the ETF is "alive and well."
Tyler Winklevoss explained:
"We’re still going through the regulatory process [...] Any ETF is a long process to get approved and, in this particular case, we’re dealing with a very innovative product, which is a digital asset which has not been done before."
"There has been no evidence that the ETF was going any slower or faster than any other ETF," said Tyler Winklevoss.
He added that the Winklevoss Bitcoin Trust will be geared as physically-backed commodities ETFs, which give investors access to the investment exposure, but doesn't give access to the actual asset.
The twins told Schatzker they owned roughly 1% of the total amount of bitcoins in circulation, and said they haven't sold any yet.
"We love meeting entrepreneurs and finding them at early stages and helping them build their companies. So Bitcoin and startups are just some of the investments we've been looking at."
In May, a regulatory filling to the SEC, revealed that the Winklevoss brothers had chosen to list the Winklevoss Bitcoin Trust on the Nasdaq stock exchange. Two months later, another filling revealed the ETF would trade under the ticker "COIN," and in early 2014, the brothers announced they were planning to launch a Bitcoin index called Winkdex, which will also be used to price the value of assets held by their ETF currently under SEC review.
Money20/20 is the world's largest gathering of innovators in commerce and digitalization of money. Held in Aria, Las Vegas from November 2 to 5, 2014, the event gathered over 7,500 attendees, including 750+ CEOs, from 2,500+ companies and 60+ countries.
On day two, Tyler and Cameron Winklevoss gave a keynote on what they see as the future of money and economic activity: the blockchain. The presentation used a conceptual framework for an 'automated economy,' which included self-driving cars, delivery and autonomous kiosks and corporations, reported CoinDesk.
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