Yahoo Finance Interviews Gemini’s Winklevoss Brothers: Bitcoin is “Moving in The Right Direction”
Bitcoin has suffered some major losses since its peak in December 2017, dropping nearly 80% to its current price. The proponents of Bitcoin have been through many ups and downs, so many are optimistic that the bear market has almost ended and that the bull run is near. Traditional finance market naysayers have been taken an oppositional stance, declaring Bitcoin to be dead. As for Cameron and Tyler Winklevoss of Gemini? They feel confident that the present state of Bitcoin is still
“moving in the right direction.”
In a video from Yahoo Finance, the host starts off by showing the current price of Bitcoin during their segment, which is $3,914. She notes that there is a distinct question about Bitcoin, as investors wonder if Bitcoin has reached a stable value, or if volatility will be ruling the coin for longer. Turning the attention to the Winklevoss brothers, the twosome explains that the purpose of their “pit stop” is to discuss the new app that they’ve developed where investors can
“buy, sell, and trade crypto on the go.”
Discussing the volatility over the last year in crypto, they believe that crypto is typically volatile, just like any nascent market would. After being in the crypto market for the last seven years, the brothers have seen many changes in the market, but they believe that each period ultimately has a better floor than before. They compared Bitcoin’s volatility to when the token was valued at $400, and the bear market after the $20,000 price point made the new bottom better than before, considering it has not dipped below quadruple digits.
Bringing up the fact that Gemini Exchange is the first fully regulated crypto exchange, the interviewer essentially asked how their exchange stands out. The brothers focused on the privacy and trust that they offer, and their consistent compliance of regulatory standards out of New York. After the tragedy of Mt. Gox, the Gemini founders determined what was missing in the market that they wanted to fix.
The goal of the Gemini Exchange is to increase their “operational footprint,” which involves both reaching into other jurisdictions, like Singapore and the UK, while offering new ways to access their platform. When bringing up the traditional finance companies that have entered the space, both of the Winklevoss brothers were quick to point out that their origins are in cryptocurrency, so they are a custodian, exchange, and more.
Instead of believing that Bitcoin is on its way to its deathbed, the brothers reiterate that this is
“just the beginning.”
At the time of writing, Bitcoin was trading at $3904.96, with a loss of less than 1% in the last 24 hours.