Winklevoss Twins – Bitcoin is Going in the Right Direction
The story of Bitcoin has been nothing short of a rollercoaster. The asset had to ensure several years of relative obscurity before finding fame in a 2017 boom and crashing right back down in 2018. However, the world’s most popular asset is back, and Bitcoin trading is now pegged at over $10,000 a token. With a healthy 200 plus percent climb in 2019 alone and all of the momentum in the world, several investors have continued to tout the asset as the best thing to challenge the establishment.
Tyler and Cameron Winklevoss are two of the most vocal proponents of Bitcoin in the world. However, unlike many fans who profess their admiration for the asset, both men have drawn up considerable resources and backed up their bet, opening up the Gemini cryptocurrency exchange and embarking on several cryptocurrency endeavors as well.
Continuing in their massive evangelism for Bitcoin, the Winklevoss twins appeared in an interview with news medium CNN, where they touched on a wide array of issues concerning it.
Amongst other things, the brothers compared the crypto revolution to the Internet boom that took the financial world by storm decades ago, adding that unlike then, it is possible (easy, in fact) for everyone to be a part of this trend. “Unlike the Internet which you couldn’t buy a piece of, you can actually buy a piece of this digital money,” said Tyler, before adding that Wall Street has been “asleep at the wheel.”
As regards the safety of the investment vehicle (especially when compared to treasury bills and other securities that operate in the regulated market), Cameron stated that investing in Bitcoin is a lot like putting your money in the conventional gold. He said, “It’s more of an investment in gold, but this is a new asset class. It’s the future, it’s volatile, and while there has been a few ups and downs, we feel like it is going in the right direction.”
The brothers also spoke on the issue of safety as regards cryptocurrencies, especially with several notable government figures (including Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Steve Mnuchin) pointing out that Bitcoin and Libra (the stablecoin from social media giant Facebook) poses various threats for user protection.
On the issue, Cameron highlighted that their concern for user safety has always been a priority, so much so that it has been ingrained in the culture and identity of Gemini. Tyler chimed in, adding that while these concerns are valid, they aren’t generic to crypto assets. He pointed out that while Bitcoin has been used by drug dealers and terrorists in the past, developments in blockchain forensics have made the asset far more traceable.
Concluding, he said, “I don’t think it’s a unique problem to Bitcoin or crypto… Again, I’ll go back to the dollar and point out that more criminals have used the dollar than anything else.”
While both men are avid Bitcoin fans, their defense of Libra is particularly impressive. Gemini has been rumored to be joining the Libra Association (Libra’s governing body) for a while now, and given how they defended the asset on CNN, it would seem that they could indeed be ready to put their differences with Facebook and its CEO, Mark Zuckerberg, aside and join forces with the social media company.
By Jimmy Aki
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