Winklevoss Twins Disclosed Allegiance to Bitcoin ETF During Reddit AMA

According to Cameron Winklevoss, “Bitcoin [BTC] is most likely the winner in the long term” as the Ask Me Anything (AMA) session on Reddit was ongoing.

While responding to the question about if Bitcoin will keep its number one position among cryptocurrencies or not, Cameron demonstrated his hopeful opinion of the coin, noting 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.”

Also, the Winklevoss brothers mentioned in today’s AMA that they “are committed as ever to making an ETF [exchange-traded fund] a reality!”

Cameron’s twin brother, Tyler stated at a different point in the discussion that:

“We believe bitcoin is better at being gold than gold. If we’re right, then over time the market cap of Bitcoin will surpass the ~7trillion [sic] dollar market cap of gold.”

While being asked on the relative significance of blockchain versus cryptocurrencies, Tyler responded that “one can’t exist without the other. A blockchain without crypto is like calling AOL the Internet.”

Cameron also pointed out while addressing the issue of long-term potential of both fiat and crypto exchanges that currently “fiat onramps are crucial crypto,” however, that he “can see a future where everything (including fiat) is crypto,” as the twins’ USD-back stablecoin, the Gemini dollar (GUSD) is being plugged.

The GUSD was introduced in September 2018, after endorsement from the New York Department of Financial Services (NYDFS). According to the report, GUSD is backed by United States dollars which are “held at a bank located in the United States and eligible for FDIC ‘pass-through’ deposit insurance, subject to applicable limitations.”

The proposal for a Bitcoin ETF by the Winklevoss was rejected for the second time in July by the U.S. Securities and Exchange Commission (SEC). The first application for a Bitcoin ETF by the brothers was disapproved in March 2017 by the SEC.

The Commission provided details on its decision, saying that it is worried that a major part of Bitcoin trading occurs on “unregulated exchanges outside the United States,” in addition to qualms against low liquidity.

hassan

Hassan is a prolific writer of crypto currency news, forex updates and the stock exchange market.
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