Gemini’s Winklevoss Twins Host Reddit AMA, Confirm Commitment to Bitcoin ETF

Winklevoss brothers, Tyler and Cameron Winklevoss are renowned names in the crypto world and the owners of leading crypto exchange firm Gemini. They have been strongly influential in the crypto industry being the biggest Bitcoin believers and supporters.

Recently, the two of them hosted a Reddit AMA (Ask Me Anything) session. The session was aimed to help the blockchain community through the conversations. Here, among the other things, they addressed their commitment to get a Bitcoin ETF passed. Both of them expressed their belief that in the long run, Bitcoin will be quite prosperous.

When asked about whether or not Bitcoin will keep its number one position, Cameron answered positively that, “Bitcoin is certainly the OG crypto! It’s hard to defeat network effects – so in terms of ‘hard money’ (i.e., store of value) Bitcoin is most likely the winner in the long term.” The Winklevoss twins added that they “are committed as ever to making an ETF [exchange-traded fund] a reality!” Moreover, they confirmed in the session, noting, “Our thesis around Bitcoin’s upside remains unchanged.”

Further, Tyler noted that they think Bitcoin is better at being gold than gold. According to their assumption, the market cap of Bitcoin will surpass the ~7trillion dollar market cap of gold by the time. They also explained regarding the relative importance of blockchain versus cryptocurrencies. Tyler claimed, “one can’t exist without the other. A blockchain without crypto is like calling AOL the Internet.” A Redditor also asked how many Bitcoins they own, interestingly they responded, “not as many as Satoshi holds.”

Cameron then addressed the long-term potential of both fiat and crypto exchanges Canada. He considered fiat onramps as the crucial crypto, but he can see a future where everything is crypto, mentioning the Gemini dollar (GUSD). GUSD is a USD-back stablecoin, introduced in September 2018.

In July, the Winklevoss twins applied for a Bitcoin ETF, which was rejected by the U.S. Securities and Exchange Commission (SEC) for the second time. The first time, it was rejected in March 2017 by the US SEC. The SEC mentioned low liquidity as a reason behind the rejection over ETF. The US SEC also considered that a large portion of Bitcoin trading happens on “unregulated exchanges outside the United States. Apart from this, you can go through the Gemini Exchange Review post to get the details about Gemini fees, features and services the platform is offering.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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