Hedge funds’ bullish bets on gold jump to four-year high
Hedge funds and other large speculators boosted their net-long position in gold.
Cameron and Tyler Winklevoss on Monday pitched their idea for a bitcoin exchange traded fund at ETF.com’s Inside ETFs conference in Hollywood, Florida.
The Winklevoss twins, most famous for suing the founder of Facebook Mark Zuckerberg over ownership of the social media giant, said like physical gold-backed ETFs, their product will let investors outsource management of their bitcoins to professionals:
“If you look at the GLD gold ETF, basically that’s our model,” Tyler Winklevoss said. The SPDR Gold Trust GLD, is one of the world’s largest exchange-traded funds.
The twins went even further in praising bitcoin, saying it’s an improvement on gold. They said its advantages include being more durable and more portable, plus the brothers emphasized that a fixed supply of bitcoin is built into the rules for the digital currency.
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