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7 hours ago Winklevoss Twins: Bitcoin Needs Regulation so Investors Don’t Get Burned
The crypto market hasn’t fully recovered from the effects of 2018’s “crypto winter,” with the Bitcoin price dipping below the $3,500 mark on Sunday before making a minor recovery . However, Cameron and Tyler Winklevoss, co-founders of crypto exchange Gemini, are sticking with their optimistic outlook for the market.
Speaking in an interview with Fortune, the Winklevoss twins spoke on their opinion concerning the entire cryptocurrency industry. Their insights included comparisons of Bitcoin to gold. They also shared a validation of the increasing usage of stabelcoins in the crypto industry. Clarifying Gemini’s Viral Ad Campaign
The interview comes just a week after the brothers launched a massive advertising campaign that raised eyebrows in the community.
Last week, bus stops, taxi tops, buses and much more all over New York began carrying Gemini ads. Messages such as “Crypto Needs Rules” and “The Future of Money” were displayed, adding to an outcry for crypto regulation . Reactions included conversations on the state of crypto regulations and the prospect of moderating the sector without hindering its growth. Rules like mathematics? Sure. Crypto needs that. Rules like “KYC AML licencing taxation Patriot Act bitlicense bullshit?” No. Crypto doesn’t need that. pic.twitter.com/8azzqCKlwa
— Nick Foley (@BookofNick) January 4, 2019
Concerning the demand for regulation, Tyler Winklevoss said:
The idea is that companies that build on top of things like Bitcoin should have a regulation that’s thoughtful and that doesn’t stifle innovation[…] People believe in the dream of crypto. They just don’t know how to engage in it without getting burned. We’re here to say Gemini’s a place you can do that.
Tyler stressed that dollar-pegged stablecoins such as Gemini’s GUSD , which are supposed to be less volatile than non-fiat collateralized digital assets like Bitcoin, could be used to issue dividends for tokenized securities. Cameron pointed out that 60% of $100 bills are held overseas. He believes stablecoins can simplify the international flow of reserve currencies like the dollar.
He claimed that stablecoins such as the Gemini Dollar act as “dollars on the blockchain” and can be used for various functions including payments for crypto services. Bitcoin is a Better Gold
The conversation also touched on Bitcoin’s “digital gold” debate. Cameron claimed that the divisibility and fungibility of the largest cryptocurrency mean that it will overtake gold as a store of value in the future. Summarily, he said, “The only thing gold has over Bitcoin is a 3000-year head start.”
The brothers’ assessment of Bitcoin follows the sentiment shared by Lou Kerner, partner and strategist at Crypto Oracle. In an interview last December, Kerner stated that Bitcoin, which has a $62 billion market cap, is on its way to becoming an even better store of value than gold.
Cameron and Tyler Winklevoss Image from TechCrunch/ Flickr Advertisement