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Gemini’s Winklevoss brothers have plans for Bitcoin ETF approval

Namrata Shukla

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Gemini's Winklevoss brothers have plans for Bitcoin ETF approval
Source: Pixabay

Gemini’s Tyler and Cameron Winklevoss, the CEO, and president, respectively, spoke about their plans to end the concerns of Securities and Exchange Commission [SEC] that believes that Bitcoin markets are prone to manipulations. The famous Winklevoss twins, who had sued Facebook’s founder Mark Zuckerberg for allegedly stealing their idea, appeared in Laura Shin’s podcast.

The twins have outlined a plan to win over regulatory approval for Bitcoin Exchange Traded Fund [ETF]. The duo said that the quickest way to do so is by “answering their call and (requesting) … more market surveillance on the crypto marketplace,”. The duo added:

“…we’ve started to do that with the Virtual Commodity Association SRO and bringing NASDAQ’s smartest technology to our marketplace, and those are the step in the right direction to getting regulators comfortable with eventually approving an ETF-like product.”

The brothers’ company, Gemini has recently launched an advertising campaign in New York City. The duo have invested in the campaign and it is seen all around with plastered banners on subways, in taxis across the city and even have billboards. This is their first campaign and since the company is based in New York, they started off by running the campaign in the city itself, the twins informed. They explained further:

“…it also happens to be one of the financial capitals of the world, and also has one of the preeminent Bitcoin, or rather, virtual currency regulators, New York DFS. So, it felt like a great starting point to start a campaign.”

When asked about who the target audience for the campaign was, the brothers cleared that it is not aimed at the regulators, but for customers. The duo also said that the campaign has already struck a chord with the crypto followers and that they need no convincing on the dream of crypto or its promise, as they are already well-read.

The Winklevoss’s twins also acknowledged the real problem such followers face in the world of crypto. They said:

“What they’re unsure about is how to engage in crypto in a safe and compliant manner, and so we’re really trying to just start the conversation and let people know that there are regulated exchanges and custodians like Gemini where you can easily buy, sell, and store your crypto and it’s not some Wild West.”

The duo says that the focus here needs to be on the narrative. They cited an example of Silk Road days where one could read a single article without mention.

“I’m sure you remember the Silk Road days where you couldn’t really read a single article without some mention, usually it was a headline or you know in the first part of the article, about Silk Road and how Bitcoin is anonymous and only used for illicit activity, and we know how wrong that narrative is and really has proven to be, but that didn’t take weeks or months to shake. It took years and even to this day, there are a lot of people who still believe Bitcoin is truly anonymous.”

However, they do not believe this is the case. According to the brothers, it is important to start a dialogue and educate people that it is a valid technology and there are secure ways to engage with it and the duo reasoned this by saying:

“because what we really don’t want is a lot of sophisticated people who believe in the technology who miss out on that next wave of getting involved.





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Bitcoin

Bitcoin’s volatility – an indication of growth or regression?

Biraajmaan Tamuly

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Bitcoin's volatility indicated to be a key aspect of its current success
Source: Pixabay

Market volatility plays a huge role in the financial ecosystem of assets and cryptocurrencies are regularly linked to its predominant effect. Whenever Bitcoin exhibits a rapid price movement in the market, the majority of the critics tagged the digital currency with extreme volatility and state that it would eventually lead to its downfall, since crypto assets cannot be trusted on a long term basis.

This assumption was recently widely questioned as data showed that over the last few months, the volatility rate had actually decreased for Bitcoin but the community continued to talk against the coin’s development solely on the basis of the crash witnessed by BTC after the bull run of 2017.

Pierre Rochard, a bitcoin enthusiast, recently spoke about the situation and stated, that the volatility might actually be one of the reasons why Bitcoin was starting to find prominent success in the market.

It was suggested that Bitcoin had been accumulating value over the years through various implementations and at specific time frames, short-term traders were causing an effect on the price, which would cause the “incidental price surge”. The price surge would then undergo correction and witness a fall but the price would continue to grow at a progressive rate.

The aforementioned reason can be backed by the fact that Bitcoin had indeed outperformed the likes of commodities like gold in the recent market analysis, and it was released that Bitcoin attained more profit in the long-term returns and risks asset trade in comparison to the S&P 500.

A recent data also exhibited that since 2013, any investment that included 5 percent Bitcoin to 95 percent fiat currency gathered more returns and lesser risk than the S&P 500; which also witnessed losses in 2017.

Twitter user @1Mark Moss indicated that Bitcoin was growing at it’s natural growth rate and stated,

“The volatility is the difference between perception and reality. And the reality is BTC continues to progress, just not as fast as the perception makes it seem sometimes… just part of the natural evolution.”

However, another user @JordiMorris1 explained that the people had more to do with the volatility and anything else. He said,

“The relationship of people towards Bitcoin is volatile. Bitcoin is predictible by nature, its production is stable independently of how crazy people go about Bitcoin. No sense to blame on Bitcoin.”





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