The Winklevoss twins of Facebook-founding fame have long been strong advocates for bitcoin and cryptocurrencies, buying up huge amounts of bitcoin and founding the U.S. Gemini crypto exchange.
The bitcoin price, now back above $10,000 per bitcoin after dipping under the psychological mark earlier this month, has climbed around 200% so far this year, emboldening bitcoin bulls who had feared last year’s bear market could drag on through 2019.
Now, the Winklevoss twins have warned Wall Street banks have been “asleep at the wheel” on bitcoin and cryptocurrencies—something that’s helped bitcoin retail investors.
“Unlike the internet, which you couldn’t buy a piece of, you can actually buy a piece of this new internet of money,” Tyler and Cameron Winklevoss told CNN.
“It’s still a retail-driven market, from day one. And a lot of people have done really well. Wall Street has been asleep at the wheel,” the twins warned.
Bitcoin’s epic 2017 bull run, which saw the bitcoin price soar from under $1,000 per bitcoin at the beginning of the year to almost $20,000 in December, was largely thought to be due to Wall Street and institutional investment could be poised to flow into bitcoin and crypto.
When this investment failed to firmly materialise, the bitcoin price crashed to around $3,000 per bitcoin last year, only to rebound in 2019 as a result of technology companies taking an interest in bitcoin and crypto.
“We had to invest because we were afraid of missing out, we couldn’t miss out on this future,” the twins added.
Meanwhile, Tyler and Cameron Winklevoss earlier said they are open to partnering with Facebook chief executive Mark Zuckerberg on the social media giant’s libra cryptocurrency project after it was revealed they have been in talks about joining the Libra Association.
The newly-created, independent governance consortium for Facebook’s planned token currently counts 28 founding members but is expected to swell to around 100 by the time of libra’s launch next year.
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