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Bitcoin [BTC] is better at being gold than gold; will surpass the $7 trillion market cap, say Winklevoss twins

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Bitcoin [BTC] is better at being gold than gold; will surpass the $7 trillion market cap, say Winklevoss twins
Source: Pixabay

Tyler and Cameron Winklevoss conducted an AMA on Reddit on r/IAmA subreddit, where they spoke about a plethora of topics and mostly about Bitcoin and its future. The topic even included questions from users regarding Gemini’s fee structures.

A Reddit user, YRuafraid referred to Winklevoss’ AMA of 2014 when the brothers predicted that Bitcoin price would hit $40,000 per BTC. The user asked if the same was still true.

Winklevoss replied to this question:

“Our thesis around bitcoin’s upside remains unchanged. We believe bitcoin is better at being gold than gold. If we’re right, then over time the market cap of bitcoin will surpass the ~7 trillion dollar market cap of gold.”

The Reddit users quickly calculated that if this were to happen [assuming the circulating supply of BTC at 21 million] it would put the price of Bitcoin at $333,3333 per BTC.

A user, Noeel asked:

“Do you think Bitcoin will allways be Crypto #1?”

To the above, Winklevoss replied:

“Bitcoin is certainly the OG crypto! It’s hard to defeat network effects — so in terms of ‘hard money’ (i.e., store of value) Bitcoin is most likely the winner in the long term.”

The users moved from price predictions to a much more intense question regarding Gemini exchange. A user Vinyl_Steelworks asked:

“If you’re so committed to Bitcoin, why hasn’t your exchange implemented the latest Bitcoin technology yet? Things like implementing Segwit and transaction batching would not only benefit both your exchange and your customers but also the network as a whole.”

Winklevoss replied that their hot wallet was developed before SegWit was up and running and that trying to “retrofit” SegWit into existing wallets would be a tedious job. He continued that there was a new hot wallet in development which would support “SegWit”, “transaction batching”, “bech32 addresses”.

Winklevoss even added that there would more features available for the users which are still in the development stage. Moreover, Winklevoss confirmed that the SegWit implementation was already tested on Litecoin, Zcash, Bitcoin Cash. As for Bitcoin’s SegWit implementation, Winklevoss confirmed that it will be by Q1 of 2019.

The AMA took a serious turn when a user asked about their views on the future of crypto ETFs and Security Token Offerings [STOs]. The user RealOzSultan asked:

“What’s your short term plan to gain approval on Crypto ETFs and longer term where do you see STOs?”

Bitcoin ETF is one of the most discussed and awaited product that is yet to be launched or even approved by the authorities. Bakkt, which was supposed to launch the ETF on January 24, 2019, has postponed the launch date to an unspecified time in the future.

Winklevoss appreciate the question and replied:

“We understand the Commission’s concerns and are working hard to address them (i.e., increased marketplace surveillance) w/ the following steps:
1. Marketplace Conduct Rules – we implemented this to foster a rules-based marketplace.
2. Marketplace Surveillance – we have partnered with Nasdaq to implement Nasdaq’s SMARTS Market Surveillance technology to monitor the Gemini marketplace.
3. Market Surveillance Team – we have built an in-house team to monitor out marketplace for manipulative and deceptive practices.
4.Virtual Commodities Association – we are helping stand up an industry-sponsored self-regulatory organization for virtual commodity exchanges.
We are committed as ever to making an ETF a reality!”

Winklevoss twins have pushed the ETF twice for approval by the U.S.’ Securities and Exchange Commission [SEC], once in July 2018 and the other in March 2017.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.

Analysis

LocalBitcoins see steady trading volume in Russian Ruble following cash-trades exodus

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LocalBitcoins see steady trading volume in Russian Rouble following cash-trades exodus
Source: Unsplash

LocalBitcoins, the Finland-based peer to peer cryptocurrency exchange, announced earlier this month that trading in a country’s national fiat currency will be disallowed, leading many in the community to believe that countries not on the frontlines of the digital asset world would be hit the hardest. Three weeks on, some defiant trends have been noticed.

According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement. With many expecting a drop in volume, other top countries have also seen the absence of an immediate plummet, with Moscow being the stand-out.

The first week of June saw a notable high of RUB 1,174 million in volume owing to the native currency, while the aftershock of the announcement dropped the same down by to RUB 1,104 million by the second week. The next two weeks saw the volume surge back to its May 2019 heights, with the week beginning on June 22 recording a volume of RUB 1,188 million in volume.

Source: CoinDance

On the basis of the above data, Russia is indeed a positive LocalBitcoins market.

The Finnish exchange has also been popular in South America, with its weekly volumes doing exceedingly well in the markets of Colombia, Venezuela, Peru, Chile, and Argentina, with Brazil, the only Latin American country left-out.

Buenos Aries saw its weekly volume from the initial weeks of June to mid-June drop from $13.71 million to $10.53 million, following the cash-removal announcement. In terms of the Colombian Peso, CoinDance stated that the number for the same was $9.98 billion towards the close of May 2018, and dropped to $7.16 billion by the first week of June. However, the same has since stabilized to stand at $9.2 billion.

LocalBitcoins began mulling the possibility of phasing out fiat currency trades following its inclusion under the supervision of Finland’s financial watchdog, the Financial Supervisory Authority [FSA] in March 2019. This inclusion was made days after Finnish legislators stated that cryptocurrency-based assets would be given legal status under the law. However, the act will officially come into force later in November 2019.

Additionally, several changes were made to the country’s Anti Money Laundering [AML] laws and Countering Financial Terrorism Act [CTF], which would require the exchange to follow the stated guidelines.

 





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