Cameron and Tyler Winklevoss announced on January 23, 2015: “Today, my brother Tyler and I are proud to announce Gemini: a next generation bitcoin exchange.” You probably know the Winklevoss twins for going head-to-head with Mark Zuckerberg over Facebook founder rights, receiving over $65 million in settlements.
Today the twins are working on the world’s first Bitcoin exchange-traded fund called Winklevoss Bitcoin Trust. Since 2013, the two have been working to get regulatory approval for the new exchange which will trade Bitcoin under the ticker “COIN” on the NASDAQ. The ETF has been designated as the WinkDex, for Winklevoss Index.
The Gemini development team, started last February, consists of the nation’s top experts in security, technology, and financial engineering. The twins’ desire to push Bitcoin mainstream can be seen like a neon sign, and for good reason — they have a fortune riding on it. With an initial investment around $11 million, they took ownership of an estimated 1% of all Bitcoin. Their investment could turn into $150 million if Bitcoin goes mainstream.
WHAT GEMINI MEANS FOR BITCOIN
Cameron and Tyler believe that Bitcoin’s value will hit a market cap of at least $400 billion. (Today its market cap sits at 3.78 billion USD). So, how could this even be possible?
Cameron and Tyler realize that Bitcoin’s maturity depends on investments such as Gemini. Gemini could very well stimulate Bitcoin more than anything we’ve seen to date. Once Bitcoin is legitimacy to digital money other will be perhaps the largest means to get Bitcoin in the hands of both investors and individuals. This is going to be a game-changer for Bitcoin
Tyler Winklevoss (CNNMoney):
“If Bitcoin is a better gold or seen as a type of gold-like asset, then it could be in the trillions on a
market cap. We do feel those are very real possibilities.”
GEMINI – “BRIDGE TO THE FUTURE OF MONEY”
The Winklevoss twins refer to Gemini as the “bridge to the future of money”, relating it to Project Gemini, NASA’s spaceflight program called “bridge to the moon”. (This was the pre-cursor to Apollo’s ‘first man on the Moon’ space flight.) The twins use the words “bridge to the future of money” also because Gemini represents “two worlds of money (old and new) that will intersect on the Gemini platform as well as the two-way nature of trade that it will facilitate.”
So what does the name “Gemini” mean, literally? Interestingly, Gemini is Latin for “twins” — A very suitable name, (don’t you think?). As you can see, “Gemini” has a lot of meaning behind it!
Gemini, the first Bitcoin exchange-traded fund, is expected to debut in the first-quarter of this year.
Personally, I think this is a great move for Bitcoin, but this statement for me raises some questions…
“We are also thrilled to announce that we have secured a banking relationship with a New York State-chartered bank. This means that your money will never leave the country. It also means that US dollars on Gemini will be eligible for FDIC insurance and held by a US-regulated bank. Your US dollars on Gemini will be as safe and secure as they are in your bank account today.” (Cameron and Tyler Winklevoss)
Specifically, are you concerned that Bitcoin will one day (not far down the road) become tarnished as many fiat currencies have?
Could we lose the Bitcoin we know today — a decentralized currency, controlled by the people?
Please leave your thoughts on this new exchange and how u think it may impact Bitcoin!