Interesting Times ahead regarding Crypto currencies

As the Bitcoin phenomenon rolls on, we continue to see new prospectuses for possible Bitcoin funds despite the Securities Exchange Commission denying the creation of one Bitcoin Exchange Traded Fund due to the lack of market surveillance and regulation. Oddly enough, the currency was started to give its user autonomy from governments and other regulatory agencies.

So the main reason why the currency grew in popularity is the reason why investors are finding it difficult to invest in the asset. Thus far two different proposed Exchange Traded Funds have been denied in the US, but it would appear the once denied Winklevoss Bitcoin ETF might have a chance of being approved the second time around. What is interesting is that the Winklevoss Twins were not the ones who filed the petition for reconsideration of their ETF, it was the Bats exchange, which the proposed ETF would trade on if approved.

When the Winklevoss ETF was initially denied I wrote about it and warned investors to stay away from the 'investment.' At the time there were concerns about the Chinese government cracking down on Bitcoin exchanges and the fact that the SEC had just rejected the first Bitcoin ETF. I ended the piece telling investors, "My advice again, is to stay away from Bitcoin's." I said 'again' because it was the second time I wrote an article telling investors to stay away from the currency. The first time I told investors to avoid Bitcoin was in February of this year when each coin was valued at $950, and the second time each coin had a price tag of $959.

Today one Bitcoin is valued at more than $4,000. How terribly wrong I was about investing in Bitcoin's!

Or have I been? The story of Bitcoin's isn't over by a long shot. There are still plenty of hurdles the currency needs to overcome; regulatory approval from world governments, mass acceptance from world populations, tougher security from cyber-attacks, and of course approval from the financial markets.

Regardless of what happens with the Winklevoss Bitcoin ETF or any of the others that have been proposed to the SEC, I still believe investors should stay away from the currency.

But, if you don't want to take my advice on anything Bitcoin (considering my track record) I would beg you to at a minimum avoid the Bitcoin Investment Trust (NASDAQ:GBTC) at all costs.
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