Winklevoss Twins Confirm Commitment to Bitcoin ETF During Reddit AMA

During a Reddit Ask Me Anything session with the Winklevoss brothers, Cameron stated that “Bitcoin is most likely the winner in the long-term.”

Cameron Winklevoss acknowledged that “Bitcoin [BTC] is most certainly the winner in the long run” throughout an Ask Me Anything (AMA) session on Reddit immediately, Jan. 7.

Answering a query about whether or not or not Bitcoin will hold its primary place amongst cryptocurrencies, Cameron expressed his optimistic view of the coin, saying that “Bitcoin is definitely the OG crypto! It’s laborious to defeat community results — so by way of ‘laborious cash’ (i.e., retailer of worth) Bitcoin is most certainly the winner in the long run.”

The Winklevoss brothers additionally stated in immediately’s AMA that they “are dedicated as ever to creating an ETF [exchange-traded fund] a actuality!”

At one other level within the dialogue, Cameron’s twin brother Tyler acknowledged:

“We consider bitcoin is healthier at being gold than gold. If we’re proper, then over time the market cap of Bitcoin will surpass the ~7trillion [sic] greenback market cap of gold.”

Responding to a query on the relative significance of blockchain versus cryptocurrencies, Tyler acknowledged that “one cannot exist with out the opposite. A blockchain and not using a crypto is like calling AOL the Internet.”

Speaking in regards to the long-term potential of each fiat and crypto exchanges, Cameron identified that presently “fiat onramps are essential crypto,” however that he “can see a future the place all the pieces (together with fiat) is crypto,” plugging the twins’ USD-back stablecoin, the Gemini greenback (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} which are “held at a financial institution situated within the United States and eligible for FDIC ‘pass-through’ deposit insurance coverage, topic to relevant limitations.”

In July, the U.S. Securities and Exchange Commission (SEC) rejected the appliance for a Bitcoin ETF by the Winklevoss for the second time. The brothers’ first utility for a Bitcoin ETF was rejected by the SEC in March 2017.

In explaining its resolution, the Commission acknowledged its concern that a good portion of Bitcoin trading occurs on “unregulated exchanges exterior the United States,” along with qualms over low liquidity.

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Source: BTC Upload