Both Cameron and Tyler Winklevoss seem to be in the headlines today because they have major plans of launching a Bitcoin fund. The currency going on digitally might be the official money for a country.
Tyler Winlevoss said that one big step that will be happening next is that Bitcoin should become the main currency for a country.
If these two twin names ring a bill then you might know them due to the history that they have with Facebook and they also spoke at the 9th Annual Value Investing Congress that happened in New York.
It only took less than around three months for the plan to be filed and launched into the Winklevoss Bitcoin Trust. This trust allows investors to begin trading and using the digital currency with items such as stocks. The twins put out a primer account and then talked about what might happen next in regards to the currency.
A few experts claim that they see Bitcoins as the wave of the future and in Europe when there was a financial crisis it gained prominence. The reason why was because people started to question about what type of security they had with their bank.
Tyler Winklevoss said that Bitcoin had no bail ins and would never receive them like what happened in Cyprus. They think that Cyrus could see a lot of financial implosions because of Bitcoins. If a bail in happens then some of the ones who owe dept to the creditors end up getting it written off and that includes bondholders.
The twin brothers have earned their degrees in MBA that was from Oxford University. In July they talked with the regulators and said they had planned on selling $20 million dollars worth of their shares with the shares being worth around a fraction of the Bitcoins. The twins also said that at that time they could not talk about it much but hopefully plan on talking about it more in the future. However, they did talk about what type of benefits would come from the digital currency and saying that spending the money abroad might now be cheaper plus easier and that even donations which are charitable would be much easier to make.
A lot of the presenters did include a few hedges which are prominent from the fund managers and some of them gave their best in stock picks when they were at the conference. However, the Winklevoss twins did end up making the case more general in regards to the digital currency and the presentation that they gave did resonate amongst the audience.