“I think, Bitcoin is preferable to gold,” Says Cameron Winklevoss

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“I think, Bitcoin is preferable to gold,” Says Cameron Winklevoss
“I think, Bitcoin is preferable to gold,” Says Cameron Winklevoss

“I think, Bitcoin is preferable to gold,” Says Cameron Winklevoss

Speaking at the 9th annual Value Investing Congress in New York City, Cameron Winklevoss said that Bitcoin and gold have a lot of things in common, but in a lot of areas, he thinks, Bitcoin is preferable to gold. He said that it is very clear to see why people are talking about Bitcoin as a digital gold, or gold 2.0.

Cameron and Tyler Winklevoss who had earlier lodged papers for a $20 million initial public offering of the Winklevoss Bitcoin Trust, which holds their Bitcoin wealth and would be managed by the Winklevoss’ investment fund, Math-Based Asset Services, hope that the next step for Bitcoin is potentially becoming the currency of a country.

Requirement for ETF

During his presentation in Speaking at the 9th annual Value Investing Congress, Cameron Winklevoss accepted that currently Bitcoin is a sort of scary proposition for investors because it has to be stored on a USB drive by tech-savvy users. Another issue is that if someone starts dealing with a large amount of money, there is no real insurance aspect there and that is scary.

Currently, a large number of customers access Bitcoins via an exchange-traded product; however, Winklevoss says that an ETF can help solve the purchasing friction in terms of security comparing the accessibility with how GLD eases gold trade for a large number of investors. ETF can track Bitcoin like an index fund to provide sophisticated trading experience for investors.

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Pushing the Agenda for Winklevoss Bitcoin Trust

Winklevoss brothers are pushing forward their ‘Winklevoss Bitcoin Trust (Trust)’ wherein it says, “It will issue Winklevoss Bitcoin Shares (Shares) which represent units of fractional undivided beneficial interest in and ownership of the Trust. Math-Based Asset Services LLC is the sponsor of the Trust (Sponsor) and [TRUSTEE] is the trustee and custodian of the Trust (Trustee) using proprietary and patent-pending technology to administer the Trust. The Trust intends to issue additional Shares on a continuous basis.”

The Winklevoss brothers expect that bringing Bitcoins on to a traditional stock exchange will help to clean up their image further. In fact, Cameron Winklevoss believes that regulators beginning dialogue with Bitcoin companies is a welcome step and healthy regulation will come to Bitcoin as it does to any money-services business.

In the light of the latest meetings between the U.S. authorities and Bitcoin companies, Cameron Winklevoss hopes that any understanding between regulators and Bitcoin companies can be expected in the next twelve months.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com