Well, well, well.

JulieW · Jul 13, 2014

Blythe Masters' husband is busy:

Daniel Masters, a 50-year-old veteran commodities trader, started working for some of the largest companies in the world right out of university, trading in London, New York and Zug, Switzerland, for JPMorgan Chase and Phibro before moving on to the New York Mercantile Exchange, a short walk from Wall Street. By all appearances, it was your standard Wall Street career.

Then, in 2008, he moved to a tiny island off the coast of France called Jersey, which this week opened its doors to the island's first fully regulated Bitcoin hedge fundrun by none other than Masters himselfas part of a push to create a nascent Silicon Valley in the heart of the English Channel, replete with government-funded entrepreneurial hubs and startup accelerators.

Jersey, a 45-square-mile island that ranks as one of the world's top offshore tax shelters, timed its announcement to coincide with London's CoinSummit, a two-day event for digital currency buffs that ends Friday. The new fund, dubbed Global Advisors Bitcoin Investment Fundor GABI for shortwill launch August 1 and hold Bitcoin denominated in sterling, initially marketing itself to a U.K., European and Middle Eastern clientele, then launching a U.S. companion fund.

The advantage of investing in an offshore Bitcoin fund? "You can buy shares in it and profit off the return on your Bitcoin, and we're not paying taxes," Masters explains. (In late March, the U.S. Internal Revenue Service issued rules on taxing Bitcoin gains for the first time.)

No sooner did word of the offshore Bitcoin fund get out than Reddit spluttered to life, devoting two pages, here and here, to debating whether the virtual currency's baby steps into the institutional investing realm is really good news or bad news for Bitcoin, whose meteoric rise has thus far been mostly successful in eschewing traditional finance.

Masters, co-principal of Global Advisors Jersey Ltd.which trades up to $2 billion of energy and equitiesis the latest of a handful of fund managers trotting out new Bitcoin investment funds in recent months, as investors clamor for innovative ways to skim the froth off the digital currency's impressive, if often unpredictable, price pops and drops and, occasionally, collapses.
http://www.newsweek.com/ex-jp-morgan-trader-joins-bitcoin-bulls-launching-hedge-funds-258494
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And no taxes too!!

Wow.

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Well, well, well.

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