Winklevoss Twins May Take Gemini Public By cioreviewindia Team

Winklevoss Twins May Take Gemini Public

cioreviewindia Team | Wednesday, 20 January 2021, 12:58 IST

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Winklevoss Twins May Take Gemini PublicRemember the Winklevoss twins, Cameron and Tyler, who sued Facebook for stealing their idea and won? They're Bitcoin billionaires who are considering taking their company, Gemini Trust Co, public. This has to do with a renewed public interest in cryptocurrencies like Bitcoin. According to a Bloomberg article, Cameron Winklevoss says, “We are definitely considering it and making sure that we have that option. We are watching the market and we are also having internal discussions on whether it makes sense for us at this point in time. We are certainly open to it.” The article goes on to explain that Bitcoin has surged once again, more than quadrupling the past year although another drop is expected, which may be just the right time to buy. 

According to the Bloomberg Billionaires Index, the twins are worth $2 billion each, making them two of the largest holders of bitcoin. In 2014, they launched Gemini, which is regulated by the New York State Department Financial Services. The company includes a custody service and a cryptocurrency exchange. Their goal is to gain new customers to the exchange with the Gemini Credit Card. You can use it just like a regular credit card, except you get up to 3% back in bitcoin or another cryptocurrency for every purchase made. The rewards are then automatically deposited into your Gemini account. According to Tyler Winklevoss, “Cash is trash. So as you spend your cash you get Bitcoin -- it’s a pretty good trade-off.” And he may be right. The dollar is a fiat currency whose value is eroding as we speak. It's only a matter of time before the dollar is devalued. When that happens, people will turn to alternative currencies, including cryptocurrencies. And many have already. 

The twins still want to offer a Bitcoin exchange-traded fund, however, when they applied for this in 2017, they were rejected due to cryptocurrency still being in its infancy and unregulated. However, the Winklevoss twins stand behind their product 100 percent. "We still believe in this product, we are still committed to this product,” Cameron Winklevoss said. “I don’t think that we have more to add at this moment.” The brothers are so optimistic, they believe that Bitcoin will reach $500,000 within 10 years.

A cryptocurrency is a digital asset used as a medium of exchange (like cash). Unlike cash, however, it does not rely on a central authority (i.e. the Federal Reserve). Instead, it uses cryptography to control its creation and management.  Since its inception, it has gained amazing ground and is used as a legitimate currency both on and offline. Many cryptocurrency companies offer a debit card you can use like cash. If you're considering investing in Bitcoin, now is a good time to get started. Remember, Bitcoin is still new and you may see some ups and downs in the near future, but if the Winklevoss twins are correct, Bitcoin will be making lots of millionaires in the next decade. Why not you?

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