Cameron Winklevoss expressed that “Bitcoin [BTC] is possibly the winner in the long term” during an Ask Me Anything (AMA) session on Reddit today, Jan. 7.
Answering a question regarding whether or not Bitcoin can keep its number one position among cryptocurrencies, Cameron expressed his optimistic view of the coin, saying that “Bitcoin is definitely the OG crypto! It's hard to defeat network effects — therefore in terms of 'hard money' (i.e., store of value) Bitcoin is presumably the winner in the future.”
The Winklevoss brothers additionally said in today’s AMA that they “are committed as ever to making an ETF [exchange-traded fund] a reality!”
At another point within the discussion, Cameron’s twin brother Tyler stated:
“We believe bitcoin is best at being gold than gold. If we're right, then over time the market cap of Bitcoin can surpass the ~7trillion [sic] dollar market cap of gold.”
Responding to an issue on the relative importance of blockchain versus cryptocurrencies, Tyler expressed that “one cannot exist without the other. A blockchain while not a crypto is like occupation AOL the web.”
Speaking concerning the long potential of each act and crypto exchanges, Cameron seen that presently “fiat onramps are crucial crypto,” however that he “can see a future wherever 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 NewYork Department of financial Services (NYDFS). GUSD is reportedly backed by U. S. dollars that are “held at a bank located within the U. S. 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’ 1st application for a Bitcoin ETF was rejected by the SEC in March 2017.
In explaining its call, the Commission declared its concern that a big portion of Bitcoin trading happens on “unregulated exchanges outside the U. S.,” additionally to qualms over low liquidity.
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