Sorry crypto hipsters, Bitcoin has gone mainstream.

From American public media, this is Marketplace Tech.

I'm Megan McCarty Carino. It's been a little more than a week since

it's been a little more than a week since several investment products tied to Bitcoin started trading

on old school financial markets. These exchange-traded funds or EDFs have made it easier

for everyday investors to place bets on the

crypto market like any other stock on Wall Street. In the days since federal

regulators finally gave the okay, investors have poured nearly two billion dollars into new Bitcoin tied funds

but probably not the crypto purest says Joel Kalelli who reports on the industry for Wired. He says early adopters are quite happy to stay on

the fringes of the financial system.

It hucks back to the underlying ideology that was laid out in this white paper was that

Bitcoin would be a technology that underpinned a payment network

whereby people would, one, they would store their own wealth,

two, they would transact directly with one another, essentially cutting these large Wall Street

intermediate areas out of the picture.

And the reality is that the EDFs are just not that.

They're kind of the opposite.

They're a vehicle exclusively for financial

speculation they're managed by a host of you know it's kind of the who's who of

Wall Street these large financial institutions you know users don't hold

the underlying Bitcoin themselves they They're kind of investing in a representation and you know you can't use

E. C.F shares as a means of pierce bit payment, that's for sure.

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