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The new boss looks awfully like the old boss, bitcoin edition

Summary:
Remember the days when bitcoin was all about reclaiming control of your financial capital? A way of ensuring none of those pesky middlemen and brokers could get up to shenanigans with your money behind your back? The days when rehypothecation or re-lending of your primary balances was deemed a devious conspiracy of “fractional reserve bankers” that bitcoin would nip in the bud once and for all? And, let’s not forget, the days when even gold wasn’t considered secure enough because ‘banks and central banks short gold behind your back driving the price down against your interests!’? Well, look what just landed in our inbox (our emphasis): Leading bitcoin asset manager, Global Advisors (Jersey) Limited has announced new custodians and extended trading powers for its flagship fund, Global Advisors Bitcoin Investment Fund PLC (“GABI”), that are detailed in the new prospectus, just released. Co-founder and CIO, Daniel Masters says that the new developments pave the way for the GABI to list on the Channel Island Securities Exchange, which is anticipated to occur this November. The bitcoin custodians for the fund are Gemini Trust Company, LLC and itBit, both US-domiciled New York State-charted limited purpose trust companies that are regulated bitcoin custodians.

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Remember the days when bitcoin was all about reclaiming control of your financial capital? A...

Izabella Kaminska
Izabella Kaminska joined FT Alphaville in October 2008, which was, perhaps, the best time in the world to become a financial blogger. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP’s internal magazine. She has also worked as a reporter on English language business papers in Poland and Azerbaijan and was a Reuters graduate trainee in 2004.

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