All Hail the Winklevoss Twins as the Gemini Owners Reaffirm Bitcoin ETF Approval Commitment
As per the transcript of an AMA (ask me anything) session that took place on Reddit yesterday, Cameron Winklevoss was quoted as saying that his company’s commitment to creating an ETF (Exchange Traded Fund) was as strong as ever.
We are Cameron and Tyler Winklevoss, co-founders of Gemini — a cryptocurrency exchange and custodian — identical twins, Olympians, and angel investors. A lot has changed since our last AMA in 2015 and we look forward to discussing what we think the crypto revolution needs to succeed. AMA, or AUA! from IAmA
More On The Matter
During the session, Cameron was asked whether or not Bitcoin will be able to maintain its top spot amongst the top crypto contenders within today's market— to which he quickly replied:
“Bitcoin is certainly the OG crypto! It's hard to defeat network effects — so in terms of ‘hard money' (i.e., store of value) Bitcoin is most likely the winner in the long term.”
If that wasn't enough, not long after, Tyler too chimed in by saying that he believed “BTC was better at being gold than gold”. Similarly, the brothers also stated that they were optimistic that in the near future, the overall market cap of Bitcoin would surpass the ~7 trillion dollar market cap of gold.
Crypto And Blockchain Are Inseparable
Talking about the importance of blockchain technology versus crypto, Tyler was adamant that the two could not exist without each other. He then quipped that a “blockchain without crypto is like calling AOL the Internet.”
Lastly, on the subject of crypto’s long-term market potential, the Winklevoss brothers stated that the market right now needs “altcoins and fiat to coexist harmoniously”. This is because fiat serves as a ramp that can help crypto take off and reach its maximum potential.
The twins then went on to add:
“We can [definitely] see a future where everything (including fiat) is crypto,”
For those not aware, Gemini (the crypto exchange owned and governed by the Winklevosses) launched its GUSD stablecoin late last year during September 2018— following approval from the New York Department of Financial Services. The currency is pegged to the US Dollar and is eligible for FDIC ‘pass-through’ deposit insurance.
Also, as many of our regular readers may remember, last July, the US SEC rejected the Winklevosses application for a Bitcoin ETF for the second time — citing reasons related to Bitcoin trade and exchange taking place via many offshore platforms as well as the currency possessing low-levels of liquidity.