Publicly Traded Bitcoin Fund by 3iQ Shows $100 Mln Volume in One Day: Tyler Winklevoss

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Wed, 10/21/2020 - 11:51
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Yuri Molchan
Tyler Winklevoss has spread the word that the Bitcoin Fund launched by 3iQ on the Toronto Stock Exchange has surpassed the $100 mln milestone
Publicly Traded Bitcoin Fund by 3iQ Shows $100 Mln Volume in One Day: Tyler Winklevoss
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One of the crypto twins, Tyler Winklevoss, took to his Twitter handle to announce a recent major milestone for Bitcoin.

The Bitcoin Fund launched by 3iQ Corp, which now trades publicly on the stock exchange in Toronto, has reached a big milestone and surpassed the volume of $100 mln.

Big milestone for Bitcoin derivatives: $100 mln volume

Tyler Winklevoss, cofounder of the Gemini crypto exchange, announced that the publicly-traded BTC Fund had overcome the $100 mln level.

This Bitcoin Fund began trading on the Toronto Stock Exchange in CAD. It acquired Bitcoin from respected and regulated crypto exchanges, as well as from OTC dealers, on Oct. 20, according to the press release published by the company.

The Bitcoin Fund offers investors Class A and Class F Units. Class A Units trade under the QBTC.U ticker.

The 3iQ president, Fred Pye, stated that launching a Bitcoin Fund in Canadian dollars is good for Canadians, since this will eliminate extra fees that come with converting fiat currencies into each other.

Bitcoin funds allow investors to get exposed to BTC and gain capital appreciation in the long term. 3iQ Corp believes Bitcoin to be a low-correlated asset that complements legacy investment strategies.

Big Milestone. The #Bitcoin Fund by @3iq_corp that trades publicly on the Toronto Stock Exchange under $QBTC.U, just passed the $100 million mark. Onward!

Related Bitcoin Hits $12K as Its Dominance Surpasses 60 Percent First Time Since August
Related
Bitcoin Hits $12K as Its Dominance Surpasses 60 Percent First Time Since August

Bitcoin time: "The government spending money like a drunken sailor"

In another tweet, Tyler Winklevoss pointed out that now is the perfect time for Bitcoin.

He reminded the community that, even prior to the March lockdown due to the pandemic, the U.S. government was "spending money like a drunken sailor," implementing huge tax reductions and printing USD "like a banana republic."

On Oct. 20, Bitcoin finally made it above the $12,000 level and is trading at $12,219 at press time, according to data from CoinMarketCap. Bitcoin dominance has surpassed the 60 percent mark.

One of the main reasons for Bitcoin's growth is the fact that large companies have started acquiring Bitcoin as a reserve asset.

The first was Nasdaq-traded business software giant MicroStrategy, then Jack Dorsey's Square Crypto caught up.

Today, as reported by CoinDesk, another publicly traded company joined them: Mode Global Holdings PLC, listed on the London Stock Exchange.

Besides, another stimulus injection is being considered now by the U.S. government$1,880,000,000,000 USDas was just tweeted by Jason Williams, cofounder of the Morgan Creek Digital fund. It is another factor that has largely been seen as positive for Bitcoin this year.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.