Winklevosses Back Bitcoin, Say Committed To Make Bitcoin ETF A Reality
Internet entrepreneur twins Cameron and Tyler Winklevoss, the founders of digital asset platform Gemini, backed their strong support for major cryptocurrency Bitcoin.
During an Ask Me Anything or AMA session on the discussion website Reddit, the Winklevoss brothers, who are believed to hold a large amount of bitcoin, said that they are committed as ever to make an exchange-traded fund or ETF a reality.
Cameron said, “Bitcoin is certainly the OG crypto! It’s hard to defeat network effects — so in terms of ‘hard money’ Bitcoin is most likely the winner in the long term.”
Tyler said they believe bitcoin is better at being gold than gold, and that the digital currency’s market cap over time is likely to surpass the around $7 trillion market cap of gold.
Regarding the relative importance of blockchain versus cryptocurrencies, Winklevosses said one cannot exist without the other, and that a blockchain without crypto is like calling AOL the Internet.
Gemini in September 2018 had launched its U.S dollar-backed stablecoin the Gemini dollar following approval from the New York Department of Financial Services or NYDFS. Gemini dollar is strictly pegged at 1:1 to the U.S. dollar, and is built on the Ethereum network according to the ERC20 standard for tokens.
The launch of stablecoin was after the Winklevoss twins faced rejection from regulators for its proposed Bitcoin ETF for the second time in July. Concerns about investor protection and market manipulation were the reasons for rejecting the proposal.
Meanwhile, in late October, Elad Roisman, the recently appointed Commissioner of the U.S. Securities and Exchange Commission, met and discussed a bitcoin ETF with related cryptocurrency companies.
Bitcoin was trading at $4,028.55 as of 5.30 am ET, slightly down 0.24 percent over a 24-hour period, with a market cap of $70 billion, according to Coinmarketcap.com.
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