In a televised interview, the Winklevoss Twins state that bitcoin is more stable than gold as a store of value, opining that investors are starting to look at storing their wealth in the cryptocurrency. The Winklevoss Twins are understandably going through a press-tour, plugging their…
In a televised interview, the Winklevoss Twins state that bitcoin is more stable than gold as a store of value, opining that investors are starting to look at storing their wealth in the cryptocurrency.
The Winklevoss Twins are understandably going through a press-tour, plugging their Gemini exchange which began operations in Canada yesterday.
Speaking to Bloomberg in an interview, the twins vouch for bitcoin as a better store of value than gold, noting that investors who hold precious metals in their portfolio are considering bitcoin as a better store of value.
Cameron Winklevoss opined that bitcoin, the way they saw it, is digital gold, or “a better version of gold as a store of value.” The cryptocurrency’s characteristics such as fixed supply garners interest from those suffering due to economic instability, he said, pointing to economic crises like the Cyprus bail-in.
It [bitcoin] definitely reacts in situations when there are crises, or when people want a safe haven for their wealth.
Tyler Winklevoss weighed in, stating that bitcoin has shown a lot less volatility and is more stable than gold. “Bitcoin has better money characteristics than gold itself,” he said, before adding, “it is better at being gold than gold.”
Investors who have gold in their portfolio, along with other precious metals are starting to look at the cryptocurrency.
Tyler Winklevoss brings the narrative back toward Gemini, underlining the fact that the exchange was a “licensed and regulated, compliant exchange with high capital requirements.” For investors, getting into the “game” of investing in bitcoin and digital assets in a compliant and regulated way through licensed means is only possible through Gemini, he added.
The twins also elaborated on Gemini’s expansion to Canada, with Cameron Winklevoss stating that the country “is very aware” of the innovation of bitcoin and is “welcoming it with open arms.”
The brothers referenced a 2015 digital currency report by the Senate Banking Committee, revealing that Canada was the “logical extension” for Gemini’s services.
Tyler Winklevoss stated:
Canada has been very enthusiastic about cryptocurrencies for a long time. We met with the Senate Banking Committee and the regulators and politicians understand the merit of the innovation.
They are very pro-bitcoin and very pro-digital currency.
Finally, he said that Gemini’s goal was to be a “global digital-asset exchange,” with countries and Europe and Asia primed for Gemini’s expansion plans in countries beyond North America.
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Last modified: May 21, 2020 10:22 AM UTC