Tyler and Cameron Winklevoss, founders of Gemini Trust cryptocurrency exchange, stated that building trust is essential to regaining investors confidence in the crypto market. The brothers attributed the lack of confidence to some events that have rattled the industry. However, they said gaining people’s trust through the use of regulations can help to restore Bitcoin’s lost value over the past year.
Bitcoin Billionaires Hammer of Cryptocurrency Regulations
Tyler and Cameron Winklevoss, reputably known as the first Bitcoin billionaires have been hammering on regulating the cryptocurrency industry. While at the South By Southwest (SXSW) conference in Austin on March 8, the twins outlined that investors were shaken by the inability to access their funds on QuadrigaCX.
Quadriga is a Canadian cryptocurrency exchange who claimed to have lost access to the cold store wallet where C$190 million is stored. A recent report, on the other hand, reveals that the said cold storages are empty. Asides from Quadriga, the twins, also pointed out Mt. Gox’s case of 2014, where the exchange was hacked, and some customers have not been compensated till this time.
According to Cameron Winklevoss,
There are a lot of carcasses on the road of crypto that we’ve seen and learned from..At the end of the day it’s really a trust problem. You need some kind of regulation to promote positive outcomes.
Bitcoin’s Devalued Price Also Poses a Problem
The problems faced by these exchanges may not be the only hindrance, considering that Bitcoin had also devalued over 80 percent from its all-time high in December 2017. Nonetheless, Cameron is confident that better oversight, as well as compliance, can be effective enough to help Bitcoin recover its past value. He added that there is a possibility for Bitcoin’s price to increase shortly.
Cameron also said Gemini aims to reach 1 billion people around the world who are unable to access banking services. The plan is also to extend the financial system to enable the transfer of dollars all over the world. All that it will take is a smartphone, and a cryptocurrency address and people will be a part of the system, he noted.
Asides from humans, the twins, are eyeing machines as a customer base. According to them, “These devices will need to transact value, and they’ll probably talk through companies like Gemini.” BTCNN on January 8 also informed of the twins’ stance that Bitcoin will overtake the 7 trillion gold market.