The Winklevoss twins, popularly known as the ‘winklvi’ now, recently appeared in a podcast on the Bloomberg channel, where they talked about their entrepreneurial journey in the last five years engaging primarily with Bitcoin and the Gemini Trust.
According to them, the historic moment which struck people hard about the centralization of money and the economic system was the ‘Cyrus Financial Crisis.’ Five years ago the ‘winklvi’ purchased their first Bitcoin (BTC) through the Mt. Gox Exchange itself.
The Winklevoss Twins are Not Particularly Nostalgic of the Early Days in Bitcoin
The Winklevoss twins had purchased their first Bitcoin when it was under $10. Moreover, reportedly, it was estimated that during the bull run of 2017, the valuation of their total amount of Bitcoins was around 1 billion dollars.
However, the market sentiments were such then that even 10$ seemed over-priced and speculation had started building around it which is similar to today’s scenario.
According to them,
“A lot poeple got burned” due to enethical practices and schemes around Bitcoin.
However, they remained persistent in their belief in Bitcoin as Digital gold and a payment system. As they mentioned that
“PayPal is not really a global payment system.. It draws functionality from the existing system itself…”
The Gemini Trust
‘Winklvi’ found the Gemini Trust to increase the feasibility of investment in Bitcoin. They will be launching three new assets and has an employee strength of over 200.
They offer a Blended price index for Bitcoin and Ethereum with the Winklevoss Blended BTC Index (WBBI) and Winklevoss Blended Ether Index (WBEI).
While Bitcoin provides an easy solution for moving large amounts of value seamlessly, that value must be inserted in the system and even ejected from the system when needed. Winklevoss twins answered.
“that it is easy to move in and out over 1 million dollars easily in Bitcoin…This has been made possible by regulated Exchanges and custodians like Fidelity and Gemini.”
They even aspire to make Gemini one of the most popular exchanges for the general crowd as well. The Gemini dollar currently in the market can be “traded as a proxy for dollar” throughout the world.
Moreover, they also noted that instead of looking of the 52-week high we must look at the laws and we would find that each low was higher than the previous one suggesting an upward trajectory despite the rollercoaster movement in price.
According to them,
“Bitcoin is better at being gold that gold and that another wave will be more exciting than the last one” They also also that even “cryptocurreny is not away.”
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Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com