Betting on Bitcoins

An email from spread betting firm SpreadEx caught my eye yesterday when they announced that they’re the first spread betting company to allow speculation on the price of Bitcoins. If you’ve been hiding in a hole so deep that you don’t know what a Bitcoin actually is, I can help you by quoting from the SpreadEx press release:

“Bitcoin is a decentralised digital currency that’s used as a substitute for government-backed currencies by internet users and businesses… In essence, the currency is viewed as digital gold and as a potential inflation/devaluation hedge.

It’s telephone-only dealing I’m afraid, and it remains to be seen whether this turns out to be a gimmick or a viable option for Forex traders who have no other way of speculating on Bitcoins without actually getting hold of some.

If you want to see a chart of the Bitcoin price, here’s one. And if you see a potential long or short trade, you’ll need to open a SpreadEx account as the only place to place the trade.

Two Steps to Better Spread Betting:

1) Buy the Better Spread Betting Book
2) Sign up with Capital Spreads, IG, ETX Capital, or Spread Co

Disclaimer: this posting is for general education only; it is not trading advice.