Bitcoin is everywhere in the news, Senate committee hearings, the New York state bank regulators ended a meeting on Wednesday and an arrest was made on Monday of CEO BitInstant, Charlie Schrem.
Now, a personal finance app Mint is integrating with Bitcoin wallet service Coinbase, so Bitcoin owners can quickly track how much their stash is worth and compare this value to their other financial accounts, according to Rebecca Grant’s report on Venture Beat.
‘There are now 12 million Bitcoin in circulation and 60,000 merchants accepting it via Coinbase,’ Mint product manager Vince Maniago said in an interview. ‘We felt like it was something we couldn’t ignore anymore, and this is a good time to go out and support the currency as it becomes more legitimate.’
Mint’s popular personal finance app now has 14 million users. People can connect the app to 20,000 different bank, credit card, loan, and investment accounts to view all their financial statements in one place and manage their money.
Coinbase is a well-known and well respected Bitcoin wallet service out there. It now supports more than 870,000 consumer wallets, which Maniago said is bigger than the customer size of many mid-sized banks. Its website is user friendly and provides a place for the Bitcoin buyer and holder as well as the savvy cost efficient merchant who wants to accept Bitcoin for sales and process to the merchant’s bank account.
‘I bought some Bitcoin as an investment and realized it wasn’t easy to track my Bitcoin balance alongside all my other investments,’ Maniago said. ‘Bitcoin value can fluctuate so much, which is precisely why Mint is treating it like an investment.’
Mint will now allow people to view their Bitcoin investment in real time alongside the rest of their financial portfolio.
In December Bitcoin hit mainstream into retail and an Open Ended Investment Trust was established with its announcement last Sept. of 90 investors and 65 million dollars. Its creator, SecondMarket Chief Executive Officer Barry Silbert recognized the technology challenge and opportunities, reported Reuters.
The fund, The Bitcoin Investment Trust, invests exclusively in Bitcoin and investors may buy, sell and hold their investment in the Trust without fear of losing their Bitcoin. The minimum investment is $25,000 to accredited investors. The fund established in September has risen since then to a closing value on Jan. 29 of a 552% gain in net asset value. It has also joined with Fidelity to offer it as an IRA.
To view more articles about Bitcoin, its volatile ride, mainstream entry and regulatory groups, please, see the list below in Author’s suggestions and view the video atop this article on Bitcoin potential from the New York state financial regulator, Benjamin Lawsy.