The Winklevoss Twins to Wall Street: Get It Together!
The founders of the Gemini Exchange in New York – one of the first cryptocurrency trading platforms to garner a BitLicense – are telling Wall Street players that they need to stop putting so much emphasis on gold, as bitcoin is likely to “trump” gold in the coming future.
If you have gold, start building up bitcoin reserves. We think bitcoin will disrupt gold. Once the likes of Tesla’s Elon Musk or Amazon’s Jeff Bezos start mining gold on asteroids, which will happen within 25 years, value will change… Buy bitcoin.
Bitcoin is often referred to as “digital gold” in that it is widely considered a “safe haven” asset. In other words, it’s good to have during times of economic strife, and it can keep one’s wealth sturdy regardless of which direction a country’s infrastructure travels.
Michael Sonnenshein – the managing director at crypto asset firm Grayscale – echoed the sentiment of the Winklevoss Twins, and believes that bitcoin is likely to do better in the world than gold could ever do. He believes it to be more adaptable, and states:
While gold and bitcoin share many attributes, bitcoin outshines gold given that it is more divisible, portable and has greater utility. Bitcoin is digital gold, and forward-thinking investors must pay attention to the shift away from antiquated ideas of gold serving as a store value or inflation hedge in their portfolios.
The Twins were also quick to warn U.S. regulators that they are behind when it comes to bitcoin and stable currency adoption. Tyler commented that regions like China are fast ahead, stating:
The U.S. has been slow. China will likely issue a stable coin first. This could be the first in modern times that the U.S. hasn’t been first on something like this.
They further stated that they would like to establish business in China and the rest of Asia, though they’re not entirely sure when that will occur. Tyler explains:
It’s unclear what the path is right now…Gemini is heading to the U.K. and Europe very soon. We’re working with the U.K.’s regulator, the Financial Conduct Authority (FCA), to make that happen.
You Guys Are Losing!
In another strike at Wall Street, the Gemini founders unloaded on executives last August and claimed that they had “ignored bitcoin” for far too long. Both men explained in an interview that Wall Street is dropping the ball when it comes to digital currency innovation by not offering more products and tools designed to help investors better understand the technology behind crypto.
They also explained that they were quick to jump on the crypto bandwagon as they didn’t want to “miss out” on the future.