Bitcoin

Winklevoss Twins: Still Committed To An ETF And Bitcoin Will Surpass 7 Trillion

Winklevoss Twins Still Committed To An ETF And Bitcoin Will Surpass 7 Trillion

The well-known twins confirmed their belief when it comes to cryptocurrencies and bitcoin. During a Reddit session, they revealed that they are still committed to the ETF and that bitcoin most likely will be the best performing crypto.

Winklevoss: Bitcoin is the number one asset class

Cameron and Tyler Winklevoss, who recently sued Charlie Shrem, first learned about cryptos in 2012. They are the co-founders of the crypto exchange and custodian platform Gemini. When it comes to cryptocurrencies, starting the exchange is what they are most famous for Today, the Twins started a Reddit thread with the theme “ask us anything.”

When asked if bitcoin would always be the number one crypto, Cameron said yes. He added:

Bitcoin is certainly the OG crypto! It’s hard to defeat network effects — so regarding ‘hard money’ (i.e., store of value) Bitcoin is most likely the winner in the long term.”

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Cameron and his twin Tyler agrees of the future for bitcoin, and Tyler even argues that bitcoin might become insanely valuable. He wrote:

“Our thesis around bitcoin’s upside remains unchanged. 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 dollar market cap of gold.”

That would mean that every bitcoin would be worth $333,333, presumed eventual total bitcoin supply.

Will the SEC approve the Winklevoss bitcoin ETF?

Besides from creating Gemini, the twins have also applied for a bitcoin exchange-traded fund (ETF). Every time they have applied, it has got rejected. It did not come as too much of a surprise, as the SEC has not yet approved a single cryptocurrency ETF. The SEC has previously argued that the main hurdle to clear before being able to sanction cryptocurrency-based ETFs is the issue of sufficient investor protection, which is still the case.

When asked on Reddit if they are still pursuing the ETF they said that they are. Cameron said that they understand the Commission’s concerns and are working hard to address them. The concerns that they address are subjects such as marketplace conduct rules and marketplace surveillance. Cameron added:

“We are committed as ever to making an ETF a reality!”

The SEC has not made it easy for applicants to get their ETFs approved. Jay Clayton, a chairman of the US Securities and Exchange Commission (SEC), outlined some of the obstacles. He stated that one reason is the fact that cryptocurrency exchanges do not use the same monitoring tools as traditional stock exchanges. Furthermore, he also called for more comprehensive cryptocurrency custody as something supposedly needed to allow a Bitcoin ETF.

Image Source: “Flickr”

Ledger Nano S - The secure hardware wallet