Winklevoss twins talk about Wall Street and cryptocurrency
|- The twins said that crypto retail investors have profited off recent gains while Wall Street missed out.
- They also expressed their desire to bring digital currencies to mainstream financial institutions.
Tyler and Cameron Winklevoss brothers recently told CNN that Wall Street is underestimating the potential of cryptocurrency. The brothers believe that institutional investors are overlooking Bitcoin and smaller assets. They said that while Wall Street missed out, cryptocurrency retail investors have profited off recent gains. Tyler said:
“It's been a retail-driven market, from day one. It still is, and a lot of people have done really well. Wall Street's asleep at the wheel."
They had stated earlier that they “are committed as ever” to making a Bitcoin-trader fund. In 2013, they had claimed to own at least 1% of all Bitcoin in existence. Cameron told CNN:
“We had to invest because we were afraid of missing out. We couldn't miss out on this future.”
Additionally, the brothers talked about concerns from government officials around Facebook’s Libra and Bitcoin’s use in illegal activities. The fears aren’t “a unique problem to bitcoin or crypto” but are seen with fiat as well. He added:
“Smart criminals haven't been using bitcoin because its actually very traceable.”
In January 2015, the Winklevoss brothers announced their Gemini crypto exchange. In 2018, the exchange launched its own cryptocurrency - a stable coin pegged to the US dollar and a mobile crypto trading app. The twins said that they want to bring digital currencies into mainstream financial institutions. Tyler added:
“We want to be that bridge and that on-ramp that gets the big mutual funds, hedge funds, and pension funds — all that big money — into the space. They are going to need a regulated bridge to do it."
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