The Winklevoss Twins have described Bitcoin as better than gold because it experiences ‘a lot less volatility’ and is a better store of value at the moment. They cited a Wall Street Journal story in May which described how the virtual currency has been more stable than gold over the last 28 days.
Tyler Winklevoss said:
“So I think investors who have gold in their portfolio and other precious metals have started to look to Bitcoin as a better store of value. It’s got better characteristics than gold itself. So it’s actually better at being gold than gold. We are seeing investors recognise that and that’s what the idea would germinate into.”
He added the need to ensure that licenses are regulated and there is compliance with exchange high capitalization requirements.
Store of value
Speaking on Bloomberg TV, the two co-founders of Gemini Trust, say they see Bitcoin as a digital gold or a better version of gold as a store of value which reacts particularly in situations where there is a crisis or when people want a safe haven for their wealth.
Cameron Winklevoss says:
“Historically, when there’s been a crisis, interest in Bitcoins and these types of assets increases naturally because of their fixed supply.”
On their expansion to Canada, they say the country has been watching the space very closely after a related paper had been written by the Senate Committee on Banking about a year ago.
“I think Canada is very aware of this innovation and welcoming it with open arms. So we are excited about that. We are naturally looking at the evolution of regulations around the world. I think Europe is definitely a possibility and Asia as well.”