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In a recent appearance on the Peter McCormack’s ‘What Bitcoin Did’ podcast that aired this Friday, Gemini co-founders, Tyler and Cameron Winklevoss discussed Bitcoin’s “path to $10 trillion” and said that they believe that Bitcoin has passed the risk of a U.S. ban.
Although the U.S. government has increasingly stepped up with regards to crypto overwatch in the recent years, an outright ban seems unlikely, according to Tyler, the current Gemini Chief Executive Officer.
“I think that the U.S. will never outlaw Bitcoin. There’s too much precedent that’s been set in the courts. The Coinflip order, which was a CFTC [Commodity Futures Trading Commission] enforcement action which was upheld in the courts, considered Bitcoin a commodity like gold,” Tyler said while adding that “I think, if we were back in 2013, this would be kind of an open question.”
It was earlier this year when bitcoin hit a significant milestone when the market capitalization (the price of the entire current supply) hit $1 trillion for the first time. As Cameron Winklevoss said, “from white paper to $1 trillion, bitcoin is eating gold alive”.
The Winklevoss brothers are expecting this trend to continue. With Bitcoin manifesting as digital gold 2.0” that is more scarce, transferable and a better store of value than gold, it is just a matter of time until it reaches the $10 trillion market cap.
Going on about the possibility of an all-out Bitcoin ban, Tyler said:
“We are a New York trust company regulated by the New York Department of Financial Services,” Winklevoss continued, referring to Gemini. “So much would have to be undone”… You’re talking about like companies that are providing careers, building the economy, some of them are going public. They’re going to become drivers of the stock market. To unroll that back is so unlikely to me. Of course it’s not 0%, but it might as well be.”
The brothers additionally mentioned regulators as stakeholders and believe that current developments rather offer opportunities than pose threats. These stakeholders have the well-being of companies and consumers in mind and are increasingly holding Bitcoin themselves and recognizing the asset as valuable. There is also a trend of crypto industry leaders finding their way into government positions and vice versa. Global interests are too interwoven and a ban does not make sense.
“I think it’s like such a strong amount of people who believe in this in the U.S. that I think it’s like next to 0% chance that that sort of gets rolled back for whatever reason,” Winklevoss said reassuringly and added:
“I think the same for the U.K. and Europe. Singapore we’re in a licensing process with the MAS [Monetary Authority of Singapore], their top regulator there. They are embracing it. All of the jurisdictions that are free markets and open markets and believe in capitalism, believe in Bitcoin, believe in crypto, and I think see it as an opportunity more than anything than a threat.”