Winklevoss Twins Believe Bitcoin Will Surpass Gold, Remain Leading Crypto
Save for Trace Mayer, Roger Ver, Jed McCaleb, Andreas Antonopoulos, along with a mere couple of additional early-stage Bitcoin (BTC) entrepreneurs, both the Winklevoss Twins, Tyler and Cameron, are a few of the most dedicated crypto believers out there.
After having a successful lawsuit against Facebook’s own Mark Zuckerberg, the two pocketed heaps of millions. And eventually, after the two competed at Beijing’s Summer Olympics in 2008 and attended Oxford University for MBAs, they went on to allocate much of their settlement to the flagship crypto asset.
Andwhile the two had considerable time to liquidate their holdings well above their cost-basis, Tyler and Cameron have just doubled-down on this industry, again and again. Their recent blunt look on Reddit, the net’s hottest forum, only highlighted the duo’s unbridled optimism.
On Monday, Winklevoss Twins, the creators of this Gemini Exchange, took to Reddit’s”Ask Me Anything” subreddit for a blunt question & response discussion, which led to provide consumers with a look into both’s business dealings, personal thoughts, and international outlook. Even though the Twins garnered the interest of non-crypto lovers, who understand the two because of their engagement with the Olympics and Facebook, the so-called”AMA” session was focused around cryptocurrencies.
After some banter regarding”The Social Network,” a movie centered around the origins of Facebook, along with the duo’s fastest erg (rowing) records, the Winklevii, since both are often affectionately called, were asked about their ideas on the market. Unsurprisingly, the Twins, who have clear vested interests in this sector, explained that they remain bullish on Bitcoin’s value proposition.
Tyler explained his and Cameron’s”thesis [on] Bitcoin’s upside stay unchanged,” much despite the bear market that ravaged cryptocurrencies and their individual communities throughout 2018. Their investment thesis, for people who missed the memo, is that Bitcoin is”better at being golden itself” — a sentiment held by many longstanding cryptocurrency investors. So, Tyler mentioned that as this sector continues to grow, Bitcoin will keep on consuming bits of gold market capitalization, until the cryptocurrency passes its physical counterpart.
The Gemini founders are not alone in pushing this notion process. Messari CEO Ryan Selkis clarified that Bitcoin is a great hedge in a traditional market”inflationary recession,” he called will be right around the corner. Selkis noted that investors will”flock” to stores of value, such as an electronic gold, in stressful times. Only weeks after, Crypto Oracle founder Lou Kerner divulged that Bitcoin could breach $100,000, specifically due to its inherent characteristics of being infrequent, relatively mobile, decentralized, and censorship-resistant — a great electronic store of value.
Cameron explained that the aforementioned attributes , which enable Bitcoin to be classified as”hard money,” will make it possible for the digital asset to keep its unquestioned hegemony from the cryptocurrency world for years to come.
In spite of the duo’s opinion on Bitcoin’s de-facto classification as an electronic stone, Cameron noted that Gemini is currently considering working with the Lightning Network, which enables BTC to be utilized as digital cash more seamlessly.
Even though the Winklevii seemed bullish on Bitcoin just, the two explained that they are optimistic on the crypto revolution at large. When queried about what could prove that the innovation of truly decentralized technologies was successful, Tyler noted that bonafide”success” is a near future in which the Internet is decentralized and open, compared to the paywall-rife, censorship-heavy, and poor actor-filled that is present today.
Concerning the financial system, the Winklevoss twin noticed that when”your money does things that your existing money cannot do,” specifically drawing attention to email-esque money, that will be a very clear indication that this revolution really pulled through. Explaining his nebulous”email” remark in-depth, the Gemini head noted that when the fiscal system is available 24 hours a day, seven days each week, and all 365 days of the year, all while easing instant, basically free micropayments, that’s when cryptocurrencies will have properly flourished. Tyler quipped:
“Imagine if your email worked like your money, that is to say it was available from 9-5pm Mon-Fri and it took sometimes up to 3-5 days for someone in another country to get your message?”