During one ‘Ask Me Anything’ Reddit session on January 7 2019, Cameron Winklevoss declared that “Bitcoin (BTC) is the likely winner in the long term.” The optimistic expression by Cameron Winklevoss ultimately proves that the Winklevoss are committed to the Bitcoin ETF.
Cameron Winklevoss: Bitcoin is Undoubtedly the Number One Cryptocurrency
As per the report when answering a question regarding whether the Bitcoin (BTC) will hold on to its number one position on the list of the top digital currencies or not, Cameron expressed an optimistic position on the digital asset going on to say that:
“The Bitcoin (BTC) is undoubtedly the number one crypto. Because it is difficult to defeat network effects, in terms of ‘hard currency or store of value” BTC is the most likely winner in the long run.”
The Winklevoss brothers have also stated their commitment to the Bitcoin course. In today’s AMA on Reddit, the twins revealed that they:
“Are committed as ever to ensuring that the Bitcoin ETF (exchange-traded fund) becomes a reality.”
Tyler Winklevoss: Bitcoin is Better at Being the Undisputed Store of Value Than Gold
At another point during the AMA discussion, Cameron’s brother Tyler revealed their view of Bitcoin’s potential at being the store of value. According to Tyler Winklevoss Bitcoin is better at being the store of value than Gold. He also declared that as time passes Bitcoin’s market capitalization will surpass that of Gold. In his words:
“We believe that Bitcoin (BTC) is actually better at being gold than gold itself. If we are right, then as time passes the market capitalization of Bitcoin (BTC) will surpass the $7 trillion market capitalization held by Gold.”
When speaking on the long-term potential of fiat currency and crypto exchanges, Cameron Winklevoss pointed out that in the current framework “fiat onramps are paramount to crypto,” but that he sees a future where everything (fiat included) is crypto.” He cited their USD-back stablecoin, known as the Gemini dollar (GUSD) as one of the currencies.
About the Gemini Dollar (GUSD)
The Gemini dollar (GUSD) was launched September last year after receiving approval from the NYDFS (New York Department of Financial Services). The Gemini dollar (GUSD) is reportedly a United States dollars backed currency “held at a bank in the United States. The coin is eligible for FDIC ‘pass-via’ deposit insurance, and is subject to applicable limitations.”
In response to a question highlighting the relative importance of the Blockchain versus virtual currencies, Tyler Winklevoss indicated that:
“Regarding the importance of the Blockchain versus virtual currencies, one can not exist without the other. The Blockchain without the cryptocurrency is not feasible.”
Bitcoin (BTC) Price Today – BTC / USD
It should be recalled from an earlier report in July 2018 that the SEC (Securities and Exchange Commission) had initially rejected the application by the Winklevoss brothers to launch a Bitcoin ETF for the second time. The initial application to the SEC for the endeavor by the Winklevoss twins as rejected in March 2017. However, the initiative received regulatory approval in September 2018.
When discussing their decision, the regulatory body revealed that it was concerned about a huge part of the Bitcoin trading occurs on unregulated exchanges outside the country in addition to issues relating to low liquidity.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.