Winklevoss Twins Confirm Commitment to Bitcoin ETF During Reddit AMA
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Cameron Winklevoss stated that “Bitcoin [BTC] is most likely the winner in the long term” during an Ask Me Anything (AMA) session on Reddit today, Jan. 7.
Answering a question about whether or not Bitcoin will keep its number one position among cryptocurrencies, Cameron expressed his optimistic view of the coin, saying 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 brothers also said in today’s AMA that they “are committed as ever to making an ETF [exchange-traded fund] a reality!”
At another point in the discussion, Cameron’s twin brother Tyler stated:
- “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.”
Responding to a question on the relative importance of blockchain versus cryptocurrencies, Tyler stated that “one can't 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 currently “fiat onramps are crucial crypto,” but that he “can see a future where everything (including fiat) is crypto,” plugging the twins’ USD-back stablecoin, the Gemini dollar (GUSD).
GUSD was launched in September 2018, following 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 applicable limitations.”
In July, the U.S. Securities and Exchange Commission (SEC) rejected the application for a Bitcoin ETF by the Winklevoss for the second time. The brothers’ first application for a Bitcoin ETF was rejected by the SEC in March 2017.
In explaining its decision, the Commission stated its concern that a significant portion of Bitcoin trading happens on “unregulated exchanges outside the United States,” in addition to qualms over low liquidity.