A major mainstream investment company, Rothschild Investment Corporation, has embraced cryptocurrency by investing in bitcoin. The company recently filed a holdings report that solidified this investment move. They bought shares of the GBTC, or the bitcoin investment trust, which acts as a share that tacks its value to bitcoin’s price.
Also read: What Every Bitcoiner Should Know About ‘Bitcoin Cash’
The Econotimes covered the facts: “According to the details provided, Rothschild Investment Corporation has acquired shares of Bitcoin Investment Trust (GBTC) for $210,000.”
The Bitcoin Investment Trust
The Bitcoin investment trust is a U.S. based securities exchange. For clarity, some people have misinterpreted Rothschild Investment Corporation as directly buying and storing bitcoin. In reality, they merely purchased shares of the trust, which holds “bitcoin on paper” in the traditional fashion, as publicly quoted securities. This allows investors to keep and hold the value of bitcoin without having to purchase the currency and hold it in a wallet.
The Econotimes provided an explanation:
Sponsored by Grayscale Investments, the Bitcoin Investment Trust is an open-ended grantor trust based in the U.S. Its shares are publicly quoted securities solely invested in and deriving value from the price of bitcoin. The publicly traded shares officially started trading under the ticker GBTC in 2015.
Bitcoin shares began public trading via Bitcoin Investment trust on March of 2015. This move by Rothschild Investment Company represents a major mainstream player hedging bets on the future value of bitcoin.
Rothschild Investment Corporation and an Illuminati Conspiracy
There were also rumors that Rothschild Investment Corporation was related to the Rothschild family. In various social media posts, people thought there was some kind of conspiracy or deal that Rothchild himself made for gaining shares of bitcoin. The conspiracy theorists believe the Illuminati and lizard rulers may be colluding to sabotage bitcoin.
This turned out to be false, as the company has no relationship to the Rothschild family other than possessing its namesake. The tweets below should say “Rothschild Investment Corporation,” and not just Rothschild the person. The reason for confusion is clear, because the name is relatively common. Looks like the Illuminati are still waiting for their chance to enter the market.
BREAKING: Rothschild Buy $BTC Bitcoin via $GBTC Bitcoin Investment Trust 539 SH https://t.co/2jm71uscCF /// https://t.co/gJ4z93rKld
— Brian Cohen (@inthepixels) July 22, 2017
Rothschild bought #bitcoin today via Bitcoin Investment Trust (GBTC). Mainstream adoption is happening. Institutional investors are buying. pic.twitter.com/DZ4AOQ06QM
— Joseph Young (@iamjosephyoung) July 22, 2017
Do you think bitcoin adoption from mainstream investment firms is good for the cryptocurrency ecosystem? Let us know in the comments section below.
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Source: News Bitcoin