Ex-Olympians Tyler and Cameron Winklevoss proved they are still great team players last month, when they fought tooth and nail to get Bitcoin onto the New York stock market to no avail. The good news is the twins – members of the 2008 US Olympic rowing squad – are keen to try again, and make it third time lucky.
Nobody would have blamed Tyler and Cameron Winklevoss if they had chosen to walk away from Bitcoin following the devastating last-minute rejection they suffered courtesy of the SEC in July, just when it seemed that they were about to take Bitcoin mainstream via the NASDAQ.
While famous faces from the worlds of entertainment, business and finance industries enjoy being linked with bold BTC predictions, backing Bitcoin to finish the year worth $50,000, to be worth $200,000 in two years, to take over the universe etc. etc., few would be prepared to put in the hours, weeks and months of hard work, not to mention large amounts of their own money and reputations, as the Winklevoss boys have. To then see all of their hard work rendered pointless by inane SEC excuses must be crushing, and deflating. Few would return for round two, never mind round three.
Beaten But Not Bowed
However, these former Olympians are made of strong stuff, and the spirit and resolve they developed during years of grueling Olympic rowing training means they are even more determined to achieve their goal of taking Bitcoin to the stock market. Following last month’s ruling, a clearly frustrated Cameron Winklevoss retained his dignity and said:
“Despite today’s ruling, we look forward to continuing to work with the SEC and remain deeply committed to bringing a regulated Bitcoin ETF to market and building the future of money.”
Earlier this week, the brothers sat down in the Bloomberg offices and in an interview made it clear that they weren’t feeling sorry for themselves, a month on from the Securities and Exchange Commission last-minute rejection of their proposed Bitcoin-based ETF (Exchange-Traded Fund), the second time the SEC had rejected such a proposal from the brothers in a matter of months.
Wall Street – A Tough Nut To Crack
Tyler and Cameron – both played by the equally tall, wide as waspishly handsome Armie Hammer (pictured) in the 2010 Oscar nominated “Facebook biopic” The Social Network – will be back for Round Three in 2019, and maintain their belief that it’s just a matter of time before Bitcoin goes mainstream.
Recently, a Goldman & Sachs report poured scorn on cryptocurrency as a viable investment, stating it failed to hold value. The report has caused considerable damage to the crypto market, as well as future tie-ins with Wall Street, although the brothers disagree on that point, Tyler saying:
“Wall Street is taking cryptocurrencies seriously, however, the vast majority of Wall Street firms are still not participating in the cryptocurrency market, which remains primarily a retail driven market. This will change over time, but it will take time.”
Winklevoss Twins May Try “Plan B”
The cryptocurrency market is desperate for heavyweight, corporate investment, and the lack of institutional money entering the coffers of Bitcoin and Ethereum is due mainly to a lack of regulatory clarity, and was hardly helped by Facebook, Google and Twitter banning crypto advertising in 2018. The approval of a Bitcoin ETF like that proposed by the Winklevoss twins last month would boost the overall crypto market and provide a liquid way for groups to invest in Bitcoin.
It is significant that following the SEC’s denial of the Winklevoss Gemini Bitcoin ETF, the crypto market suffered a substantial drop in value, one which it is yet to recover from.
For their third crack at SEC approval, the twins my turn to the ETF CBoE VanEck-SolidX, rated by many experts as the ideal investment vehicle for Bitcoin. If approved, the crypto market could breathe easy, and be optimistic for the future. A decision on this ETF is scheduled for September 30th. Fingers crossed!