[ad_1]
Early Bitcoin investors Cameron and Ty Winklevoss, who founded the New York-based cryptocurrency exchange Gemini, say they've been through numerous boom and bust cycles with Bitcoin and have all been 'bitcoin is dead' proclamations.
In a new interview with Bloomberg columnist Barry Ritholtz, the crypto pioneers and blockchain venture capitalists say they're gearing up for the next big crypto wave which they believe will eclipse the wild ride of December 2017 through January 2018, when Bitcoin hit an all- time high of nearly $ 20,000.
"Instead of looking at the 52-week highs, look at the 52-week lows. And each of them are stepping up into the right direction. Now, we're going to be here, but we've lived through this before – and now it's crypto winter. This is the third or fourth winter we've been in. We've seen this before, and it's pretty typical of early-stage technology. People get over excited. It's re-correct. Then entrepreneurs come and go, and then it'll go ahead. So we think it's going to be another wave, and it should be definitely more exciting than the last one. "
Back in December of 2017 their Bitcoin holdings soared to over $ 1 trillion. That valuation has since drifted back into the stratosphere, as BTC is now worth a quarter of the price. But as the value of the world's leading cryptocurrency sank, the Gemini twins say productivity at their exchange skyrocketed.
Their team has been producing a slate of products and they are planning the company for the long haul.
"We say internally that we're building a centurion, a hundred-year-plus company …"
"As the price was rushing up to $ 20,000, I was getting tons of words and questions from people: 'Should I buy? Should I buy? And I was like, I do not know. It feels like there's a lot of froth here. Now I'm getting the questions again because people are seeing it at $ 4,000, and it's sitting there, and it's been there, and I think we're going into the month of the bear market. People are starting to say, 'Hmmm, it's starting to look pretty interesting.' Like it's starting to look cheap. But if you zoom out enough, at least with Bitcoin, it's a digital gold. "
"The qualities that make gold valuable, if you break them down – scarcity, for instance, Bitcoin is actually fixed. Divisibility, portability. Bitcoin is like sending email. Fungibility. So, all of the characteristics that make gold valuable, Bitcoin has those characteristics. It is better than gold. So we call it gold 2.0. And Bitcoin's market cap, it's not checked today, but let's say it's $ 100 million – gold's at $ 7 trillion. So it's a better gold, it's gotta get high as a market cap. So we think Bitcoin is better than being gold. So, it's a lot of room to appreciate. "
Despite reports about crypto hacks, they claim that the Bitcoin protocol has never been hacked. And cryptocurrencies are primed to replace outdated systems and methods of moving value.
"Most of the payment mechanisms that we grew up with decades ago. The Fedwire system is ancient. Credit cards, I think, came from the 50s and 60s. And I remember the first days of eBay when I ordered some stuff. I did a money order through the post office. You go to the post office, you give them a hundred bucks, they give you a break that 's basically that you got into an envelope. You mail it off, you get your goods. And then PayPal came out, and you're like, 'Wow, that's amazing. That just made my life so much easier. 'But then you realize that it's still sending value to the existing system and protocols. It's really not a global payment system. And then you discover Bitcoin, and you're like, "Oh my god, this is truly amazing." "You can get anywhere in the world, pretty much instantaneously."
The innovations that have sprung from these revolutionary concepts include stablecoins and blockchain networks.
"This space is here to stay. Cryptocurrency is not going away. It's going to power and rearchitect the future internet. People talk about Web 1.0, 2.0. We're on the beginning of the Web. 3.0. So it's something you should learn more about and take seriously. "
At time of writing, Bitcoin (BTC) is currently up at 0.87% at $ 5.15 after briefly sinking below $ 5,000 to $ 4,960.42 on Thursday.
BTC reached this year's high of $ 5,417 on Wednesday, according to data compiled by CoinMarketCap.
Messari's Real 10 Volumes index, which tracks crypto trading volumes from a select group of exchanges, including Gemini, shows BTC 24-hour trading volume at $ 203.8 million, down 35.9% since March 27 when trading volume topped $ 318.3 million for the same period – in the run-up to BTC's double-digit gains in early April.
Ethereum is currently down at 0.68% at $ 163.43. XRP is up at 0.43% at $ .3271, and Litecoin is down at 1.12% at $ 77.67.
Join us on Telegram Follow us on Twitter
Check Out the Latest Headlines
Disclaimer: Opinions at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital badets. Please be advised that you are responsible for your own risk and responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital badets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
[ad_2]
Source link
