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Tylor and Cameron Winklevoss still believe in Bitcoin's potential. Image: REUTERS/Lucas Jackson
Tylor and Cameron Winklevoss still believe in Bitcoin's potential. Image: REUTERS/Lucas Jackson

Winklevoss Twins Undaunted by Tanking Bitcoin Price

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Tylor and Cameron Winklevoss still believe in Bitcoin's potential. Image: REUTERS/Lucas Jackson

The Winklevoss twins remain bullish about Bitcoin but have their eye on Europe for Gemini. The brothers are considering whether their New York-based crypto exchange should head to the U.K.

Believing in Cryptocurrency

Despite the fact that Bitcoin’s price has plunged this year, Tylor and Cameron Winklevoss still believe in its potential. Having poured millions into the cryptocurrency, they became the world’s first Bitcoin billionaires last year when the crypto hit its peak.

This year, Bitcoin, and most of the other top cryptocurrencies – have been struggling. Still, regardless of the price plummet of 60 percent, the twins are still confident in the future of Bitcoin and the crypto sector as a whole.

Now they are considering expanding their own New York based cryptocurrency exchange, Gemini, to bring it to the United Kingdom.

The Gemini Trust Company

In 2014, the Winklevoss twins founded the Gemini Trust Company. By volume of trades, that firm now ranks among the top 100 global cryptocurrency exchanges. The exchange hired advisors to guide them into a possible move to the United Kingdom.

According to a report in the Financial Times, which cited unnamed sources, Gemini is approaching the time when it will file a regulatory application with the British markets watchdog in order to receive regulatory approval.

Low Cryptocurrency Prices

Bitcoin’s price is currently sitting at around $6,500. Last December, the price had risen to almost $20,000. That cryptocurrency wasn’t the only one to see a steady and powerful climb throughout 2017. Ethereum, Litecoin, Ripple and other major cryptocurrencies also experience huge, rapid games as investors worldwide dived into crypto trading.

Last week, Michael Novogratz, the hedge fund manager, forecasted that Bitcoin’s price sell-off had struck its bottom. Novogratz went on to predict that cryptocurrencies are about to recover and see much more steadily climbing prices once more.

Based in the United Kingdom

Morgan Stanley research from the first half of 2018 showed that most cryptocurrency exchanges in the world are U.K. based.

However, that same research indicated that a significant volume of trading moves through Malta. As a result, just because the U.K. has the largest number of crypto exchanges, only about 1 percent of global trading volumes occurs there

Note: The opinions expressed in this article are the author's own and do not necessarily reflect the view of Alvexo on the matter.