Just this evening, word got out that Cameron and Tyler Winklevoss, otherwise known as the Winklevoss Twins, filed a Form S-1 today with the Security and Exchange Commission. What does this mean for the Bitcoin community and the buying and selling of Bitcoin as we know it? If approved the SEC Filing will open Bitcoin up to Wall Street, 401ks, and tons of individuals around the world who had previously avoided the buying and selling of Bitcoin due to the lack of accessibility of this digital, decentralized, cryptocurrency.
Imagine how this filing might transform the Bitcoin community and even more so make Bitcoin a household name, not just for those on Wall Street but also individuals around the world who are interested in investing in a currency with great potential for growth. After the US Department of Homeland Security freeze of Mt. Gox’s Dwolla account back in May, the ability for individuals to buy and sell Bitcoins in particular within the US has been more difficult. For many businesses accepting Bitcoin and then needing to in turn exchange Bitcoin for USD or other currencies, the Mt. Gox/Dwolla debacle has held up ease of exchange and transaction and left the the price of Bitcoin at a lower point than previous peaks in April and May.
With this announcement from the Winklevoss Twins, there is great hope for an increase in the price of Bitcoin, not just in the short term, but in the long run with an increase in individuals buying and selling the currency and further more businesses choosing to accept Bitcoin. Bitcoin continues to reel in venture capitalists and those with free market, entrepreneurial outlooks on the world. Imagine this user base expanding outward to the various stock exchanges on Wall Street then in turn having a greater reach into the global community. With the potential of 20 million dollars worth of shares available, individuals interested in taking part in this venture and purchasing stock in Winklevoss Bitcoin Trust will look forward to seeing a rise in the utility and price of Bitcoin should this SEC Filing be approved.
As Bitcoin continues to grow in prominence, a position on Wall Street will continue to propel this alternative blossoming cryptocurrency to another level of significance. As many US and international citizens already purchase stocks online with relative ease, this SEC filing opens the door to allow Winklevoss Bitcoin Trust to sell stocks in the same manner and open the door to many more individuals investing and transacting in Bitcoin. This is yet another step in the right direction and another huge opportunity for Bitcoin to flourish! What’s next? We can only hope that the ingenuity of the Bitcoin community will keep on driving this cryptocurrency to greater levels of utility and value.
