Gemini co-founder Cameron Winklevoss announced during an Ask Me Anything (AMA) session on Reddit today that “Bitcoin [BTC] is most likely the winner in the long term.”
Responding to a query about whether or not Bitcoin would hold on to its status as the top dog among cryptocurrencies, Cameron expressed his optimistic perspective of the coin, claiming that “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 Winklevoss brothers also exclaimed in the said AMA that they “are committed as ever to making an ETF [exchange-traded fund] a reality!”
At one point during the intriguing session, Cameron’s twin brother Tyler blurted:
“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 ~7trillion [sic] dollar market cap of gold.”
Answering a query on the significance of blockchain against cryptocurrencies, Tyler explained that “one can’t exist without the other. A blockchain without a crypto is like calling AOL the Internet.”
Talking about the long-term prospective of both fiat and crypto exchanges, Cameron cited that “fiat onramps are crucial crypto,” but that he “can see a future where everything (including fiat) is crypto,” plugging the twins’ USD-back stablecoin, the Gemini dollar (GUSD).
GUSD was introduced late last year after getting the go-ahead from the New York Department of Financial Services (NYDFS). GUSD is backed by United States dollars that are “held at a bank located in the United States and eligible for FDIC ‘pass-through’ deposit insurance, subject to applicable limitations.”