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The Winklevoss Twins, former participants in the development of Facebook and founders of the New York-based Gemini exchange, have always been supporters of cryptocurrency. The two are known for having boatloads of Bitcoin (BTC) while also doing whatever they can to increase mainstream adoption. Now, in a video interview with CNN Business, these twins announce their most recent beliefs on the subject.
Essentially, the Winklevoss Twins claim that cryptocurrencies have the potential to be one of the most powerful social networks of all time. That, and they want to be instrumental in that happening. To help with this, the two want their Gemini platform to serve as a regulated exchange that mitigates as much of the risk in cryptocurrency trading as they can.
While no, Bitcoin and other assets aren’t inherently social, the twins mean this in more of a metaphorical sense. They believe that crypto will bring people together. The lack of reliance on a central authority in combination with the passion investors feel will lead to unity. It’s a bold claim, but one that isn’t entirely unfound.
Somewhat ironically, much of the crypto community disagrees with this sentiment. This disbelief is because the point of crypto and blockchain is to be rid of any central authority or reliance on a company. So, there would be no need for the Gemini exchange. Any space that imposes regulation goes against the philosophy of blockchain technology, no?
That said, the twins refute that argument by saying that their “product is trust”. They believe that Gemini will be the platform for investors who believe in independence and self-operation.
Speaking on Facebook, CNN asked what the two think about the actual biggest social media platform in existence. The Winklevoss reply:
“Money is the oldest social network and arguably the strongest and crypto is potentially one of the strongest networks of value ever in the world and will continue to do so. So, hopefully, pioneers in that space to some extent.”
These two believe in their goals, which is admirable. However, it remains to be seen if enthusiasts will back Gemini or stick with their original vision. A centralized space can only provide so much of what blockchain lovers desire.