Winklevoss Twins : Bitcoin Will Not Replace Fiat Currency

The Winklevoss twins [also known as Winklevii] are becoming synonymous with the world of Bitcoin and digital currencies these days. Not just because they are big fans of Bitcoin in general and are even listing their own Bitcoin trade fund on NASDAQ soon – but also because they don’t shy away from some remarkable comments.

Even though both Tyler and Cameron Winklevoss are extremely busy these days in order to get the Gemini exchange launched in the near future, they did manage to find time in order to talk to the mainstream media about Bitcoin. And more importantly, the Winklevii give us their opinions on why Bitcoin will become a globally dominant financial system.

For those of you who haven’t heard about the Gemini venture yet, allow us to briefly explain. Gemini will be a fully regulated Bitcoin exchange platform, where both individuals and companies can safely and securely buy or sell bitcoins. According to the Winklevoss twins, Gemini “will be the first mature financial tool for Bitcoin”.

Bitcoin In a Perilous State

Whether we want to admit or not, 2015 has been one of the worst years for Bitcoin so far. With several exchanges being hacked or disappearing altogether and a bitcoin price that remained flat in a negative way have lead many people to believe that there will be no long-term future for Bitcoin. On the other hand, we have seen Bitcoin-related companies receiving a “nod of approval” from the current financial “brass” during several rounds of seed funding.

Granted,all of the above is not creating a favorable situation for Bitcoin enthusiasts and companies all around the world, but there is a positive side to this story as well. As “awkward” as the position Bitcoin is in right now may look, it is next to impossible to become even more awkward. In fact, one could go as far as saying that things can only get better from this point forward.

And with projects such as “BIT” – a Bitcoin trust allowing any customer to buy shares – is just one of the many examples of how the tide is slowly turning. Especially considering the fact that anyone can use BIT to buy shares, instead of just government-accredited investors, could prove to have a positive influence on the Bitcoin price in the future.

Public Perception: A Thorn In The Side of Bitcoin

One of the key areas that really needs work is the public perception of Bitcoin. When you ask random people if they know Bitcoin and what they think about it, most of them will only mention the negative news they have been hearing or reading about. There is only one possible solution to this problem: Bitcoin needs a PR makeover very soon.

However, we can not just blame mainstream media for the negative public perception of Bitcoin. A lot of people still need to be educated on digital currency in a proper way, and while there are several undertakings to make this plan a reality, many enthusiasts strongly feel that more effort should go into Bitcoin education. After all, if people have no idea what Bitcoin is or does, why would they even bother to use it?

Winklevii Have a Battle Plan Ready

“America hasn’t really come online yet, but this won’t persist forever. Within a few months, it will be a very different story. There are much more interesting startups and initiatives that are going to come online in the next six months that are positive for price. As the price rises and the ecosystem develops, perceptions will shift.”

  • Winklevoss twins on Bitcoin

The name Winklevoss twins, combined with Bitcoin – which has become a target for hackers, thieves and hoodlums over the past few months – may bring a lot of challenges to the table. However, by bringing together the nation’s top security experts, financial engineers and technologists, the Gemini Bitcoin exchange should be far more secure compared to other exchanges in existence today.

“When email first came out I don’t think there was a compelling argument to say you need to use this to make your life better. It’s really up to the entrepreneurs and the technologists to build the infrastructure and applications out so that it’s super easy — and dummy-proof, so to speak — to use.” – Winklevoss twins

Bitcoin Not Replacing Fiat Currency Soon

Despite what most crypto anarchists are hoping for, the Winklevoss twins believe that Bitcoin will not replace fiat currencies anytime soon. That does not mean that both options cannot co-exist and even benefit one another though. Bitcoin still has a long way to go in order to be even remotely on par with fiat currency, as price volatility needs to be all but eliminated and market liquidity needs to be improved dramatically. Not to mention, regulation is a necessary step in order to further legitimize Bitcoin as a usable currency.

“There will be a future where people will use Bitcoin and they won’t even know they’re using it. At that point it’s everywhere — it’s a part of global finance, it’s a part of our everyday lives. In the same way using email was very difficult and the edge of technology … it’s always difficult, it’s problematic, it’s painful to use, and we’re at that point in Bitcoin right now. The point where we’re beyond it is the point where people don’t think of email as the bleeding edge of tech because it works so well everyone uses it … I think it’s going to get to that point. We’ll be in a situation where the majority value transferred around the world will use the Bitcoin protocol.”


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