The well-known duo – Winklevoss twins – in the crypto industry still has faith in Bitcoin, the brothers on Monday revealed in an Ask Me Anything (AMA) session on the popular discussion website Reddit.
On the AMA chat session, the brothers answered a wide range of questions – from the idea of Facebook to their passion for rowing – but as intended, most of the questions revolved around cryptocurrencies and their view on the market.
Answering to a question about the duo’s belief of Bitcoin to touch $40,000, Tyler Winklevoss responded: “We believe bitcoin is better at being gold than gold. If we’re right, then over time the market cap of bitcoin will surpass the ~7 trillion dollar market cap of gold.”
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“Bitcoin is certainly the OG crypto! It’s hard to defeat network effects — so in terms of ‘hard money’ (i.e., store of value) Bitcoin is most likely the winner in the long term,” added Cameron Winklevoss.
Bullish on ETF
The brothers also assured that they are working on the Securities and Exchange Commission’s (SEC) approval of crypto-backed exchange-traded fund in the United States. “We are committed as ever to making an ETF a reality!” Cameron noted on the chat.
Last year, the brothers acquired a patent for the creation of a Bitcoin ETF from the United States Patent and Trademark Office. However, their request to introduce the same on the market was turned down by the SEC twice. The SEC’s counterpart in Japan, however, is considering to introduce crypto-backed ETFs after shelving the idea of cryptocurrency derivatives, which was introduced by two exchanges in the US in 2017.
The Winklevoss brothers are among the initial Bitcoin investors and became the first known crypto billionaires with the boom in 2017. They have established a crypto exchange and custodian service in New York – Gemini Trust Co. – to cater to institutional investors jumping in the crypto market.