Save for Andreas Antonopoulos, Roger Ver, Trace Mayer, Jed McCaleb, and other early-stage Bitcoin (BTC) entrepreneurs, the Winklevoss Twins, Cameron and Tyler, are among the most passionate cryptocurrency believers.
The two pocketed millions after a successful lawsuit against Mark Zuckerberg of Facebook. Upon attending Oxford University for MBAs and competing at Beijing’s Summer Olympics in 2008, they allocated much of their settlement to the flagship digital asset.
According to Cameron and Tyler, they bought 1% of all BTC (a rumored 100,000 BTC) in 2013. Even with enough time to liquidate their holdings well over their cost-basis, the Twins have just doubled-down on the industry. Their previous Reddit appearance only accentuated their unbridled optimism.
On Monday, the duo took to Reddit’s “Ask Me Anything” subreddit for a candid Q&A discussion, aiming to give consumers a peek into their business dealings, global outlook, and personal thoughts. Although the Gemini Exchange founders have attracted the attention of non-crypto fans who know them because of their involvement with Facebook and the Olympics, the “AMA” session was centered on digital currencies.
When asked about their thoughts on the market, the Winklevoss Twins unsurprisingly shared that they remain bullish on the value proposition of Bitcoin. Per Tyler, his and Cameron’s “thesis [on] Bitcoin’s upside remain unchanged” despite the bear market, which ravaged cryptos as well as their respective communities in 2018. The two’s investment thesis is that BTC is “better at being gold than gold itself”—a sentiment of several long-standing crypto investors. Tyler said that as the industry develops, BTC will continue eating up bits of gold’s market cap, until the digital currency passes its physical counterpart.
Messari CEO Ryan Selkis thinks BTC is a great hedge in a conventional market “inflationary recession.” He noted that in trying times, investors will “flock” to stores of value such as digital gold. Weeks after, Crypto Oracle founder Lou Kerner revealed that BTC could breach $100,000, particularly because of it being inherently scarce, decentralized, relatively portable, and censorship-resistant.
Cameron elaborated that the said features will let the crypto asset preserve its unquestioned hegemony in the crypto world for the coming years. “Bitcoin [will] most likely [be] the winner in the long-term… it’s certainly the OG crypto!” the Winklevii half said.
According to Cameron, Gemini considers working with the Lightning Network, which would enable BTC to be utilized as digital money more seamlessly.
The Winklevoss Twins noted that they are optimistic about the cryptocurrency revolution at large. For Tyler, bonafide “success” is a future where the internet is open and decentralized, compared to the censorship-heavy, bad actor-filled, and paywall-rife that is present today.
Regarding the monetary system, he said that when “your money does things that your current money cannot do,” particularly drawing attention to email-esque money, it indicates that the revolution has pulled through. The Gemini head added that when the financial system is open 24/7 while facilitating quick, basically free micropayments, that is when digital currencies will have flourished properly. Tyler said:
“Imagine if your email worked like your money, that is to say it was available from 9-5pm Mon-Fri and it took sometimes up to 3-5 days for someone in another country to get your message?”