On 7 January 2018, the Winklevoss twins held an AMA (Ask Me Anything) session on Reddit aimed to discuss topics related to blockchain and crypto. Tyler and Cameron Winklevoss are very influential in the blockchain community being the leaders of Gemini, a major crypto exchange company.
The twin brothers have always been trying to apply for a Bitcoin ETF (exchange-traded fund). However, the U.S. Securities and Exchange Commission (SEC) rejected their applications twice in the past, the first time in March 2017 and the second in July 2018.
The SEC explained that the applications for a BTC ETC were rejected because a large portion of BTC trading occurs outside of the country on exchanges which were not regulated properly. Additionally, the low liquidity of the cryptocurrency also contributes to the rejections.
Cameron showed his optimism regarding Bitcoin when asked during the AMA whether the coin would remain as the top cryptocurrency. He said that BTC is undoubtedly the “OG crypto” and the coin would most probably be the winner in the long term in terms of “hard money” since it is difficult to “defeat network effects”.
They added that they will still be putting in efforts to make Bitcoin ETF a reality and their thesis around the benefits of Bitcoin is still the same as before.
When asked about the relative importance between blockchain and cryptocurrency, Tyler stated that both cannot exist without one another and commented that blockchain without crypto would be similar to treating AOL, which is a web portal, as the Internet. He further shared that they believed BTC to be a better gold than gold and capable of surpassing the 7 trillion-dollar market cap of gold if their assumptions were correct.
Cameron also commented on the long-term potential of fiat and crypto exchanges, stating that “fiat onramps are crucial crypto”, but he could imagine a future world where crypto is utilised fully, completely replacing fiat currencies. He proceeded to mention the Gemini dollar (GUSD) during the discussion, which is a stablecoin backed by the USD introduced in September 2018.