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Strategies & Market Trends : Bitcoin
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To: Glenn Petersen who wrote (425)12/19/2017 11:44:09 AM
From: Zen Dollar Round  Read Replies (2) of 963
 
That is....astonishing.

I wonder if you can pull large amounts money out quickly from this fund, or any cryptocurrency fund, given that it's a slow process if you own actual the actual digital currencies themselves.

Recently I read about a guy who decided to cash out of Bitcoins to buy a house when the price was around $10,000, and he had five of them. He was allowed to take out the first $10K on the first day relatively easily, but after that, the exchange asked for further proof of his identity on each subsequent day. Presumably it was to make sure they weren't being stolen from him by a hacker, but he wrote about how nervous the whole process made him.

I'm sure more established and reputable funds dealing in these new digital assets have adequate reserves for dealing with these transactions. They probably have rules themselves about how much or how often one can take money out of them. Nothing will save them from a collapse in that market though.
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