Bitcoin’s recent success has piqued the attention of numerous parts of the media as well as major institutions. What was once viewed with suspicion is now a favourite among investors, especially in traditional finance and institutional investor circles.
Tyler and Cameron Winklevoss, co-founders of Gemini, recently appeared on Peter McCormack’s ‘What Bitcoin Did‘ podcast to discuss Bitcoin’s “road to $10 trillion.” The Billionaire twins have speculated about the insignificance of a possible Bitcoin ban in the United States.
The timing of such statements is odd, given that the US government has increased its attempts to regulate cryptocurrency in recent years. Even so, Tyler, the new Chief Executive Officer of Gemini:
“I think that the U.S. will never outlaw Bitcoin. There’s too much precedent that’s been set in the courts. The Coinflip order, which was a CFTC [Commodity Futures Trading Commission] enforcement action which was upheld in the courts, considered Bitcoin a commodity like gold,” Tyler said while adding that “I think, if we were back in 2013, this would be kind of an open question.”
He justified the aforementioned statement, he added:
“We are a New York trust company regulated by the New York Department of Financial Services,” Winklevoss continued, referring to Gemini. “So much would have to be undone”… You’re talking about like companies that are providing careers, building the economy, some of them are going public. They’re going to become drivers of the stock market. To unroll that back is so unlikely to me. Of course it’s not 0%, but it might as well be.”
According to Cameron Winklevoss in the interview, “from white paper to $1 trillion, bitcoin is swallowing gold alive,” indicating a major landmark as the market capitalisation surpassed $1 trillion for the first time. Regardless about what sceptics claim, the Winklevoss brothers remain positive about the Bitcoin hysteria.
“With Bitcoin manifesting as digital gold 2.0 that is more scarce, transferable and a better store of value than gold, it is just a matter of time until it reaches the $10 trillion market cap.”
Gemini’s designers have been Bitcoin visionaries from the beginning. The brothers presented Bitcoin as the “Trade of the Decade” and expected a 30x return in an interview hosted by Real Vision CEO Raoul Pal on December 11, 2020.
In terms of critics, Hedge Fund mogul and billionaire investor Ray Dalio repeated his predictions about a potential “ban” on Bitcoin in an interview, and as predicted, Dalio’s remarks sparked an instant uproar on social media.
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