Digital currency is the way of the future, according to entrepreneurs Cameron and Tyler Winklevoss who developed the virtual bitcoin exchange, Gemini.
The exchange, which has been approved by New York State to trade ether, a form of digital currency, hope their platform will become the “Nasdaq for Bitcoin buying and selling.”
“Ether is the token of the Ethereum network, which is focused on disrupting contract law. Trading began on Monday and it’s our second cryptocurrency to add to Gemini,” Cameron told the FOX Business Network’s Liz Claman.
When Bitcoin first entered the market, many were skeptical of the new form of currency, due to security concerns and reports of criminal activities.
“[Today] Bitcoin is acting like a mature asset,” Tyler said. “There’s a lot of liquidity and there are a lot of licensed operators now like Gemini.”
In the future, the brothers see Bitcoin disrupting gold. While predicting the U.S. dollar to be government-controlled, they believe cryptocurrencies will be the new norm.
“You’ll be using digital currency,” Tyler said. “I think really what will happen is you’ll use a combination of bitcoin, ether, your devices, the ‘Internet of Things.’ We’ve got billions of devices coming online. They’ll never exchange value with PayPal, credit cards or ACH [Automated Clearing House], but they will use cryptographic tokens… I think fiat currencies will become digital.”