Winklevoss Twins Think Wall Street Has “Been Asleep at the Wheel” Regarding Bitcoin (BTC)
The famous Winklevoss Twins, who founded the Gemini exchange, affirmed that retail investors are still getting more benefits from the Bitcoin market than the Wall Street institutional investors during a recent interview with CNBC.
Cameron and Tyler Winklevoss, co-founders of cryptocurrency exchange Gemini, explain why they are bullish on Bitcoin despite the potential risks associated with it https://t.co/SAN7tRUvr6 pic.twitter.com/sZwJeb34kc
— CNN Business (@CNNBusiness) August 22, 2019
According to them, Bitcoin is far from as risky as people make it out to be. In fact, they believe that it is one step ahead of all the other financial institutions. It's a huge innovation and you simply can invest in it. They compared to the internet, which you couldn’t simply buy a piece of. In the case of Bitcoin, you can.
They understand, though, that the market is still too driven by retail investors. Institutional ones are simply way too cautious and this has led them to miss huge opportunities of making money with BTC.
One of the brothers affirmed that Bitcoin is actually very similar to gold, which is considered a very secure investment. It is a new way to store value during troubled times. It may be volatile, but the volatility does not completely define the asset, other things do, such as its incredible technology.
They affirmed that it was pure alarmism that hurts cryptocurrencies, citing Facebook’s Libra, which is under heavy scrutiny despite not being launched yet. To them, this is alarmism, not caution.
The brothers also commented that smart criminals avoid BTC and use fiat instead because it is considerably harder to track than a public ledger in which anyone can see all transactions.
Obviously, they ended by affirming that they will be a part of the Libra Association and will partner with Facebook, which pretty much explains why they are so not concerned about it.