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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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Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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