Monday, March 8, 2021

Winklevoss Twins: keeping their enemies closer?

The Takeaway:

Winklevoss brothers might hash out their differences with Facebook. Despite Libra's criticism, the twins are bullish about Libra and want to extend their support. Whether Libra accepts this olive branch is uncertain, but the Bitcoin billionaires' gesture hints at reconciliation.

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The Winklevoss twins, a sparkling name in the crypto industry have been upbeat on bitcoin irrespective of the risks associated with the coin. The billionaire brothers in conversation with the CNN Business on 22 August brought to light, their outlook on Bitcoin as an investment.

 

Bullish Billionaire Twins

Though the cryptocurrency might seem to be precarious to an average investor, Tyler Winklevoss stated the contrary. He highlighted the step-ahead vision held by the coin and how we can own a piece of this remunerative internet currency.

Cameron added the similarity bitcoin possesses to gold and remarked that despite the immense volatility, Bitcoin is the future.

However, the most exciting aspect arose in the interview when the Internet entrepreneurs talked about Libra.

 

Is the infamous rivalry nearing an end?

The identical siblings unveiled their plans for joining the Libra Association, ignoring the feud with the social platform King, Mark Zuckerberg. In 2004, the brothers sued Zuckerberg over Facebook’s ownership, claiming that he stole their idea for the social networking site. Although their summon to control the company did not bear any merit, the Gemini twins were awarded a settlement of $65 million in 2008. As reported, it was the outcome of this strife that they invested $11 million in bitcoin at $120 a coin and grew to be the bitcoin masters.

Apart from suing their junior, Mark Zuckerberg, they even filed a case against an early bitcoin investor. In 2018, the cryptocurrency entrepreneurs cited a lawsuit against Charlie Shrem for theft of 5,000 bitcoins, worth $32 million. As per reports, Shrem helped the brothers in investing in BTC in 2012.

 

“We see a Crypto Earth!”

Following the interview, the capitalists commented at the inevitable arrival of the day when crypto would become a household name and a single second in the world won’t measure without a crypto coin. Libra is synonymous to the most significant chance of crypto for global introduction and adoption. Although the venture capitalists mentioned about their collab with facebook’s currency, yet, they certified to attain pedantic knowledge of the project before committing to the decision. If Libra favors heavy centralization in any form, the twins would firmly refuse.

 

Regulations regulate the twins’ investment

Though the twins keep faith in crypto being the future, they connect with the regulations with the same willingness. Facebook’s Libra hasn’t yet come into execution but stands in the regulatory circle. Tyler argued that though bitcoin may hold a history of being used for scams, the people behind them are seized. Also, the “smart criminals” tend to avoid its use due to the transparency and traceability attached to the crypto coin.

 

Apprehensions? They don’t stop the Winkleviis!

At present, Libra is under the flame. From the European Union to the US Senate, every authority is entering to investigate the exciting launch of this virtual currency. Moreover, currently, the progress of Libra is ceased until the executives examine its system.

Also, according to a report by Financial Times, three of the investors have considered withdrawing their support from the Libra association.

Quite paradoxical, but where Mark’s already star-studded partners are apprehensive about the launch of facebook’s digital coin, his historical foes have their arms outstretched to join the association!

Thus far, the Libra Association has not responded to the inquiry about a potential collaboration.

 

The Winkling Heroes

The Winklevoss Twins are reflection images of each other. Tall and powerful, the siblings became the most prominent names, not only in the crypto world but also in the mainstream media. Both halves of the billionaire duo became the plot of a book named “The Accidental Billionaire” by Ben Mezrich which was later filmed by David Fincher. The “Bitcoin Billionaires: A True Story of Genius, Betrayal, and Redemption” is the latest release by Ben that scout the origin of Facebook from the brothers’ view along with the making of their billions in the crypto world.

 

Gemini’s Gemini

The Winklevoss’ are very sincere bitcoin believers. To ensure the flight of Bitcoin to the mainstream, the twins established the Gemini Trust LLC in 2014. Gemini is a cryptocurrency exchange platform regulated by the New York State Department of Financial Services (NYDFS). In 2016, it became the first licensed ether exchange. The platform is a successful bridge between the old and new money with security. The victorious players of the digital world added several partnerships and products to Gemini’s portfolio. Today, the crypto trade site attains digital asset insurance covering the tokens and coins held on the platform.

 

We’ll sustain with our “stable” coin!

The name Winklevoss positively oozes blue-blood money and made headlines with the announcement of the launch of a dollar-backed stable coin built on ethereum. The Gemini dollar is designed to initiate liquidity for users wishing to send or receive the US Dollar via the ethereum network. However, the stable coins did bring a controversy when some accounts were abruptly closed without explanation over their redemption.

 

Winklevoss – the crypto psychics

Also, in a recent interview, the precious twins predicted that each of the big four of the internet – Facebook, Amazon, Netflix, and Google would come forth with their cryptocurrency projects within the next two years.

 

Gemini in Down Under

Gemini has now announced its transparency and perceptibility in Australia. The crypto exchange will now be accessible to Australian users providing them the opportunity to buy, sell five digital coins, including bitcoin, zcash, litecoin, ethereum, and bitcoin cash. Besides, the billionaires are also making mobile applications convenient for IOS and android users.

Will the open gesture of the Winklevoss end their rivalry with Facebook? Will the partnership ascend Libra’s launch? If it does, will it prove to be a skyrocket for Gemini too?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Glenn Harper
Glenn Harper
Glenn has only two interests: Bitcoin and Aviation. After completing his graduation from San Diego State University in 2006, Glenn started working in the airlines and aviation industry. Aviation was his only passion before he came to know about bitcoin in 2012 after which he decided to dedicate 8 hours of his day for aviation and 8 hours for learning and writing about bitcoin and the technology behind it. Glenn lives with his wife and a 7-year-old son who mines ethereum on his computer and is also quite passionate about cryptocurrencies.

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