Gemini co-founders Tyler Winklevoss and Cameron Winklevoss who were on board with bitcoin early on, investing in the cryptocurrency back in 2013, are now benefiting from that early bet, being touted as the first ‘bitcoin billionaires.’
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Tyler Winklevoss explained how the twins first got involved in bitcoin telling the FOX Business Network’s Maria Bartiromo, “So we were in Europe. We were actually on vacation and we had to get money to our accommodation. It was so hard to get money from the U.S. to Europe. The joke is if you want to get money from New York to London on a Friday night, go to JFK, jump on a plane with a bag of cash and you’ll get there quicker than when you actually wire [money].”
According to Tyler Winklevoss, this experience drew their attention to the portability of bitcoin.
“So, when you think of the payments that exist, this is the first money that’s built for the internet.”
According to Cameron Winklevoss, bitcoin has “grown about 300 times” in the five years since the twins first invested in the cryptocurrency and they still see huge growth potential.
“Today it’s about a $300 billion market cap, gold is at $6 trillion, so we think it could very well go up another 20 times from today.”
Cameron Winklevoss predicted bitcoin could even surpass gold.
“We think it’s definitely realistic that it could grow and disrupt gold and maybe even beyond that.” Winklevoss said on “Mornings with Maria.”
The brothers are continuing to play a pivotal part in the cryptocurrency, with their company Gemini’s role in the CBOE bitcoin futures trading.
“On the CBOE bitcoin futures, they’re cash shuttled, so they need a price and our bitcoin exchange, Gemini, provides that price which is what those contracts will actually be settled into,” said Tyler Winklevoss.