08 Jul '13, 6pm

Critics Unfriend Facebook Twins' Bitcoin Fund

The bitcoin has been getting a whole lot more attention since the Winklevoss twins—who famously alleged that Facebook founder Mark Zuckerberg stole their website idea—last week revealed plans to launch an ETF to track the virtual currency. But while the fund would be aimed at giving mainstream investors a simple way to bet on the currency, many investing pros doubted the concept will work. The big problem, these critics said, is that while bitcoins have become wildly popular among some tech-savvy investors and consumers, it's unclear regular investors will go for so much exposure to an asset class the world is still trying to get its head around. "If I gave my girlfriend a bitcoin instead of a diamond necklace, would she slap me across the face or thank me for this thoughtful gift?" asked Bret Gordon, a professor at Columbia Business School. Others doubt the exchange-trade...

Full article: http://www.cnbc.com/id/100870111

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