Despite owning more Bitcoin that most of us could possible imagine, the story of how the joint owners of the Gemini cryptocurrency trading platform first got into the digital asset space is all too familiar. Cameron and Tyler Winklevoss have admitted to suffered from a case of FOMO back in 2013 when they first entered the market.
In a recent interview, the two also commented that they do not think allegations of Bitcoin’s use for criminal acts should tarnish the cryptocurrency’s reputation. They argue that criminals use just about every other useful tool too.
Even Tyler and Cameron FOMO’d Into Bitcoin
Appearing on a CNN Business segment earlier today, the two owners of the Gemini exchange lacked the kind of pessimism that the Bitcoin Fear and Greed Index suggests has gripped the market of late.
Cameron and Tyler Winklevoss, co-founders of cryptocurrency exchange Gemini, explain why they are bullish on Bitcoin despite the potential risks associated with it https://t.co/SAN7tRUvr6 pic.twitter.com/sZwJeb34kc
— CNN Business (@CNNBusiness) August 22, 2019
During the short segment, Tyler, like many others have done before him, equated Bitcoin to the internet in terms of the impact it will have on human society. However, he identified one key difference between the two technologies:
“Unlike the internet, which you couldn’t buy a piece of, you can actually buy a piece of this new ‘internet of money’”.
He went on to state that Wall Street traders and financial institutions have “been asleep at the wheel” on Bitcoin. By exercising caution, many professional money managers have missed out on the kind of gains early retail investors have enjoyed.
Tyler’s twin brother, Cameron, then took over, drawing on another oft-repeated Bitcoin analogy:
“An investment in Bitcoin is like an investment in gold… This is a new asset class, it’s the future. It is volatile; there have been ups and down. But we think directionally, it’s moving in the right direction.”
He went on to describe the original impetus for the pair to invest heavily in Bitcoin back in 2013. Claiming it was a classic case of “FOMO” (“fear of missing out”), Cameron stated:
“We couldn’t miss out on this future.”
The conversation shifted to talk of the regulatory attention Facebook’s digital currency plans had brought to Bitcoin and the rest of crypto. The presenter reminded the twins of Bitcoin’s use in financing the Russian meddling in the 2016 US presidential election and it being the dominant currency used on dark web markets like the original Silk Road. The concerns of US Treasury Secretary Steven Mnuchin and those of other lawmakers were raised too.
To this, Tyler responded that the concerns were not unique to Libra or Bitcoin. Terrorists also use cars, email, and US dollars. He added:
“Bitcoin has been used by some bad actors but a lot of those people are in jail… Smart criminals haven’t been using Bitcoin because it’s actually very traceable.”
Finally, he concluded by stating:
“More criminals have used the dollar than anything else.”
Related Reading: Yes, Criminals Use Bitcoin: They Also Use Cars, Cash, Mobile Phones, and the Web…
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