Winklevoss Twins approve devotion to BTC ETF during Reddit AMA
Cameron Winklevoss specified that the Bitcoin is most probably the champion in the long run during an Ask Me Anything (AMA) session held on Reddit today, January 7.
Replying a query about whether or not Bitcoin will be able to keep its top-notch position among the other cryptocurrencies, Cameron voiced his positive outlook on the Bitcoin, stating that “Bitcoin is surely the OG cryptocurrency. It’s really difficult to beat the network effects — so with respect to ‘hard money’ BTC is most probably the winner in the long run.”
The Winklevoss twins also stated in today’s AMA session that they “are devoted as ever to building an ETF (exchange-traded fund) a truth!”
At some another point during the conversation, Cameron’s twin brother Tyler said:
“We consider BTC is superior at being gold than gold. If we’re correct, then, in the long run, the market cap of Bitcoin will exceed the 7trillion dollar market cap of gold.”
Answering a query on the comparative significance of blockchain tech vs. cryptocurrencies, Tyler said that one cannot survive without the other. A blockchain technology without a cryptocurrency is just like calling AOL the Internet.”
Talking about the long-lived intensity of both fiat and crypto exchanges, Cameron stated that presently “fiat onramps are essential crypto, but that he is able to see the upcoming future where entirely everything including fiat currency is crypto, persisting the twins’ USD-back stablecoin, the Gemini dollar.
GUSD was introduced in the month of September 2018, after authorization from the New York Department of Financial Services (NYDFS). Reportedly, GUSD is supported by United States dollars that are held at a bank situated in the United States and qualified for FDIC ‘pass-through’ deposit insurance, under the condition of appropriate restrictions.
In the month of July, the U.S. Securities and Exchange Commission (SEC) overruled the tender for a BTC ETF by the Winklevoss twins for the second time. The twins’ very initial application for a Bitcoin ETF was disallowed by the SEC in the month of March 2017.
In clarifying its judgment, the Commission specified its concern that an important part of BTC trading happens on “unauthorized exchanges outside the United States,” in addition to uncertainties over low fluidity.