Winklevoss Twins Confirm Commitment to Bitcoin ETF During Reddit AMA - BITCOIN NET MAGZ

Winklevoss Twins Confirm Commitment to Bitcoin ETF During Reddit AMA

- 15.26
Winklevoss Twins Confirm Commitment to Bitcoin ETF During Reddit AMA


Cameron Winklevoss stated that"Bitcoin [BTC] is probably the winner in the very long term" through an Ask Me Anything (AMA) session on Reddit today, Jan. 7.

Answering a question about whether Bitcoin will keep its number one position one of cryptocurrencies, Cameron voiced his positive view of this coin, stating that "Bitcoin is certainly the OG crypto! It is tough to defeat network effects -- so in relation to'hard money' (i.e., store of value) Bitcoin is most likely the winner in the very long term."

The Winklevoss brothers also stated in the AMA they"are dedicated as ever to creating an ETF [exchange-traded fund] a reality!"

At some time in the discussion, Cameron's twin brother Tyler said:

    "We think bitcoin is much better at being gold than gold. If we are correct, then over the years the market cap of Bitcoin will surpass the 7trillion [sic] dollar market cap of gold."

Responding to a question on the comparative importance of blockchain versus cryptocurrencies, Tyler said that"one can not exist without the other. A blockchain without a crypto is like calling AOL the Internet."

Speaking about the long-term potential of both fiat and crypto exchanges,'' Cameron pointed out that now"fiat onramps are key crypto," but he"will see a future in which all (like fiat) is crypto," hammering the twins' USD-back stablecoin, the Gemini dollar (GUSD).

GUSD has been launched in September 2018, after approval from the New York Department of Financial Services (NYDFS). GUSD is reportedly backed by United States dollars that are"held at a bank located in the United States and eligible for FDIC'pass-through' deposit insurance, subject to important limitations"

Back in Julythe U.S. Securities and Exchange Commission (SEC) refused the program for a Bitcoin ETF by the Winklevoss for the second time. The brothers' first application to get a Bitcoin ETF was rejectedfrom the SEC in March 2017.

In explaining its decision, the Commission stated its concern that a significant portion of Bitcoin trading occurs on"unregulated trades beyond the United States," in addition to qualms over reduced liquidity.

 

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