Winklevoss Twins’ Bitcoin Hot Takes: The Latest from the BTC Brothers
Whether in the world of social media or in cryptocurrency, most people know the name “Winklevoss.” The two brothers, Cameron and Tyler, are major entrepreneurs, starting social media with ConnectU, and ultimately becoming known through their lawsuit against Mark Zuckerberg over his launch of Facebook being stemmed from their idea.
Now, they have settled down as venture capitalists and Bitcoin proponents, which has still come with their share of controversies. Still, it would be amiss to ignore their persistence through the years, and the major impact that they have made in cryptocurrency. The twosome are the co-founders of the Gemini Trust Company, LLC, which is both a custodian and a digital currency exchange and was founded in 2014.
These Bitcoin proponents have a lot to say about the changes in the crypto industry, speaking out on many important topics that need to be addressed. One of their biggest points of focus has been regulation, and they have seen the damage that can occur without these laws in place. Tyler Winklevoss has directly pointed out the issues with Bitcoin, based on the lack of regulatory oversight.
In an effort to show their exchange’s trustworthiness, Gemini was approved by the New York Department of Financial Services to operate within the state, based on stringent compliance laws. Tyler has expressed his faith in regulatory compliance frequently, stating that the “healthiest” regions are often the ones with the “most thoughtfully regulated” crypto markets. Cameron Winklevoss added that the US equities market is most likely the “most regulated market” of the world.
Cryptocurrency is not all about regulation, however. It is about community. Speaking with CNN Business, the brothers spoke on the safety of working with their Gemini exchange with full compliance to the regulatory measures in place. They took the opportunity to plug their app, making it “easier to onboard,” considering the “scary” and “risky” experience that they had themselves when entering the space. When asked about the legacy that the brothers aim to leave behind, Cameron stated that “money is the oldest social network,” and he added that cryptocurrency is the strongest network for that in the market right now. That being said, he hopes that the public will remember Tyler and himself as “pioneers.”
Right now, the work towards a Bitcoin ETF and even towards promoting more regulation to protect consumers shows that they are pushing towards the innovation they hope to exemplify. Since their exchange is only five years old right now, which is half of the age of the industry, only time will tell if their stance on the strength of Bitcoin and the need for regulation helps to keep this industry thriving.