Winklevoss twins say Bitcoin will recover as the space is regulated

09 Mar, 2019
by Richard Allen
Opinion
Winklevoss twins say Bitcoin will recover as the space is regulated

Building trust is the key to regaining confidence in the crypto sphere, according to the Winklevoss twins. Speaking with reference to the QuadrigaCX debacle, the twins said investors were left rattled after $194 million worth of crypto went missing, Bloomberg reports.

Speaking at the South By Southwest (SXSW) conference in Austin, Texas on Friday, the Gemini owners referred to the Quadriga fiasco as the latest debacle to beset the industry, likening it to the collapsed Mt. Gox in 2014, which set them on the path to creating Gemini.

There are a lot of carcasses on the road of crypto that we’ve seen and learned from,” Cameron Winklevoss said. “At the end of the day, it’s really a trust problem. You need some kind of regulation to promote positive outcomes.”

“You want to have a couple of layers of checks and balances,” Tyler Winklevoss added. “We are here for the long haul.”

Cameron stated that better oversight and compliance will be a driving force in helping Bitcoin’s price recover to previous levels, adding that Bitcoin may well see new highs in the coming years.

The twins also explained their goal of reaching 1 the billion people around the world who don’t have access to traditional banking options. “With a crypto address and a smartphone, all of a sudden you are in the system,” Cameron Winklevoss stated. “We are really just trying to extend the financial system, so you can send dollars anywhere in the world.”

Read more: 10 times Bitcoin was declared dead… and survived

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