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Winklevoss Twins Confirm Commitment to Bitcoin [BTC] ETF During Reddit AMA

Winklevoss twins confirm commitment to bitcoin [btc] etf during reddit ama

Winklevoss Twins Confirm Commitment to Bitcoin [BTC] ETF During Reddit AMA

Winklevoss twins confirm commitment to bitcoin [btc] etf during reddit ama

Cameron Winklevoss stated that “bitcoin [BTC] is most likely the winner in the long term” during an Ask Me Anything (AMA) session on Reddit today, Jan. 7.

Answering a question about whether or not bitcoin [BTC] will keep its number one position among cryptocurrencies, Cameron expressed his optimistic view of the coin, saying that “bitcoin is certainly the OG crypto! It’s hard to defeat network effects — so in terms of ‘hard money’ (i.e., store of value) bitcoin [BTC] is most likely the winner in the long term.”

The Winklevoss brothers also said in today’s AMA that they “are committed as ever to making an ETF [exchange-traded fund] a reality!”

At another point in the discussion, Cameron’s twin brother Tyler stated:

“We believe blockchain is better at being gold than gold. If we’re right, then over time the market cap of bitcoin [BTC] will surpass the ~7trillion [sic] dollar market cap of gold.”

Responding to a question on the relative importance of blockchain versus cryptocurrencies, Tyler stated that “one can’t exist without the other. A blockchain without a crypto is like calling AOL the Internet.”

Speaking about the long-term potential of both fiat and crypto exchanges, Cameron pointed out that currently “fiat onramps are crucial crypto,” but that he “can see a future where everything (including fiat) is crypto,” plugging the twins’ USD-back stablecoin, the Gemini dollar (GUSD).

GUSD was launched in September 2018, following approval from the New York Department of Financial Services (NYDFS). GUSD is reportedly backed by United States dollars that are “held at a bank located in the United States and eligible for FDIC ‘pass-through’ deposit insurance, subject to applicable limitations.”

In July, the U.S. Securities and Exchange Commission (SEC) rejected the application for a bitcoin [BTC] ETF by the Winklevoss for the second time. The brothers’ first application for a bitcoin [BTC] ETF was rejected by the SEC in March 2017.

In explaining its decision, the Commission stated its concern that a significant portion of bitcoin [BTC] trading happens on “unregulated exchanges outside the United States,” in addition to qualms over low liquidity.

Published at Tue, 08 Jan 2019 00:10:00 +0000

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South Korean gaming giant Nexon acquires Korbit for $80 million, $150 million valuation

South Korea has had bitcoin fever in the past few weeks, and the fire just continues to be fueled. Top exchange Korbit has been acquired by gaming company giant Nexon for 91 billion Korean won.

The Growing South Korean Market

South Korea has been disrupting the charts when it comes to cryptocurrency trade volume, and the old money is noticing. Many companies in South Korea are hopping aboard the train, investing heavily in the nation’s crypto sector. Bithumb, a Korean exchange, is actually at the top of the charts right now in terms of total trade volume. With this increasing demand, more and more exchanges are popping up taking advantage of the increased interest.

Another Korean-based exchange known as Korbit is quickly climbing the ranks as well, recently joining the top 15 exchanges globally. While the company is still new and is a long way behind Bithumb, it is recording more trade volume on certain digital currencies. And some bigger corporations in the region are trying to get in early.

Nexon is a gaming company that was founded in the mid 1990’s and is a global leader in MMORPGs and other mobile games. At the beginning of the decade, they moved their corporate headquarters from Seoul to Tokyo, Japan, which also happens to be one of the first nations to declare bitcoin as legal tender.

Nexon Acquires Korbit

They purchased Korbit earlier this week for just around 91 billion Korean won, worth roughly $80 million USD. The details of the purchase is that Nexon bought 65% of Korbit’s shares and took over all managerial operations. Nexon commented on the agreement, saying they hope to diversify their business model, along with restating their confidence that blockchain technology will continue to grow and become more and more mainstream.

Do you think South Korea will continue to become a crypto-giant? Do you think this is the end of the money trail? Let us know in the comments below!

Pictures courtesy of  Pixabay and Wikimedia Commons.

The post South Korean gaming giant Nexon acquires Korbit for $80 million, $150 million valuation appeared first on Bitcoinist.com.

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