Winklevoss Twins Mull Public Listing for Bitcoin Exchange

The bitcoin/Facebook billionaire Winklevoss twins are mulling a public listing for Gemini Trust, their bitcoin exchange and custody service.
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The bitcoin/Facebook billionaire twins Cameron and Tyler Winklevoss are mulling a public listing for Gemini Trust, their bitcoin exchange and custody service.

“We are definitely considering it and making sure that we have that option,” Cameron Winklevoss, co-founder and president of Gemini, told Bloomberg. 

“We are watching the market and we are also having internal discussions on whether it makes sense for us at this point in time. We are certainly open to it.”

It could be an initial public offering, direct listing, or a merger with a special purpose acquisition company. 

The brothers first got rich after suing Facebook Chief Executive Mark Zuckerberg, alleging he'd purloined their idea for the social network. Then bitcoin’s boom made them billionaires.

Bloomberg lists the brothers with net worth of $2 billion each, and Forbes on Monday pegged them at $1.4 billion. 

The twins forecast bitcoin would reach $500,000 in the next decade. It recently traded at $39,237, up 2.2%.

The Harvard-educated, Olympic-rowing Winklevosses have sought government permission to launch a bitcoin exchange-traded fund. So far: mission denied.

“We still believe in this product, we are still committed to this product,” Cameron Winklevoss told Bloomberg.

Bitcoin skeptics warn that trading in the cryptocurrency is notoriously volatile and provides no guarantee of riches. Bitcoin advocates are convinced that it’s a store of value, but it’s a store of value only because investors and speculators think it is. 

Bitcoin has no underlying asset; its scarcity value derives only from the difficulty of obtaining it through complex computing efforts. If investors and speculators lose their confidence in the asset, it could crater.

The bitcoin crowd also says that it serves as a hedge against inflation and against declines in other financial assets, such as stocks, bonds and currencies. But this idea hasn’t been proven.