Tyler and Cameron Winklevoss, the owners of New York-based Gemini cryptocurrency exchange recently said that Bitcoin could overtake gold, as reported by Fortune.
The two said that if the cryptocurrency is provided with a banking-style regulatory environment that allows people to trust it, Bitcoin could be bigger than gold.
Introducing Bitcoin to Regulations
Gemini recently launched its first marketing campaign “Revolution Needs Rules” and ran full-page ads in the New York Times along with some huge billboards around Wall Street.
The marketing campaign is designed to send the same message that regulation in the crypto space can be a good thing.
It is also promoting Gemini, the crypto exchange as well as its newly launched app.
Talking on the TV program ‘Balancing the Ledger’ on Fortune, Tyler Winklevoss said:
“The idea is that companies that build on top of things like Bitcoin should have a regulation that’s thoughtful and that doesn’t stifle innovation. People believe in the dream of crypto; they just don’t know how to engage in it without getting burned. We’re here to say Gemini’s a place you can do that.”
Cameron noted that the growth of digital assets is being stumped by negative messages in the press which associate them with criminals.
He also said that there is a misperception that Bitcoin is completely anonymous.
Can Gemini Help Solve Crypto Woes?
Gemini is registered in New York and provides the safeguards that other financial institutions provide to their customer.
The two have also launched a trade group called the Virtual Commodity Association which they believe could become the equivalent of FINRA, a self-regulated body for securities dealers.
The two brothers were also asked about the authorities’ harsh handling of digital currency licenses in the state of New York, but both chose to praise the regulators.
They also expressed positive sentiments about the SEC, even though the federal agency rejected Gemini’s Bitcoin ETF proposal twice.
Cameron noted that the SEC is conservative as the ETF is the first product of its kind and they want to do things right.
The two also believe that stablecoins are a bright spot in the current bear market.
Gemini already has a stablecoin offering called the Gemini Dollar (GUSD) pegged 1:1 to the USD.
Cameron said that stablecoins such as GUSD are like “dollars on the blockchain.”
They also suggest that given Bitcoin’s unique properties, it could supersede gold in the future.
“The only thing gold has over bitcoin is a 3000-year head start.”