The Winklevoss Twins sat down with Seema Mody of CNBC and talked about how Facebook’s Libra cryptocurrency will affect the industry. Tyler Winklevoss went to say that “they are optimistic about the social media giant’s crypto Project Libra” and that “every FANG company will have some sort of crypto project within the next two years.”
Check out clip from CNBC below, we’re also including the transcript in case you can’t see the video. All rights belong to CNBC and please refer all credits to CNBC.
Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability.
These are concerns that should be thoroughly and publicly addressed for proceeding. And that’s why at the Fed, we’ve set up a working group to focus on this set of issues were coordinating with our colleagues in the government in the United States, the regulatory agencies in Treasury. We’re coordinating with central banks and governments around the world to look into this.
That was Fed Chair Powell on Capitol Hill to earlier today, speaking out on Facebook’s new Libra coin offering as concerns surrounding the regulation of the Cryptocurrency heat up our own. Seema Mody sat down with the Winklevoss twins, founders of the Gemini Crypto trading platform, on how the lever coin could shake up the rest of the crypto currency market. Seema joins us here on set,
Hi, Melissa as we know, the Winklevoss twins famously sued Mark Zuckerberg, claiming he stole their idea for Facebook in the early two thousand’s. Despite that history, while speaking with the two last night, they said they are optimistic about the social media giant’s crypto Project Libra, and its impact on the broader industry.
is very positive. for crypto accompany the stature of Facebook. Actually, talking about krypto demystifies the word it makes people feel more comfortable in. Our prediction is that every FANG company will have some sort of crypto project within the next two years.
I also asked the Winklevoss, both early crypto investors, what advice they would offer Zuckerberg and his Facebook team as they prepared to face off with regulators on Capitol Hill,
work with regulators, talk with them. Way definitely went through the front door on. We tried to educate the regulators and help shape the regulation of thoughtful manner because if you get the regulation wrong, insightful innovation. But the right regulation allows innovation to flourish, and we think we’ve achieved that right balance with New York. So the healthiest markets in the world are thoughtfully regulated, so.
we’re fans of thoughtful regulation.
But achieving that level of trust is not easy. And that’s why Melissa Libra success is certainly not guaranteed. What do they think of the actual coin? Because it’s simply backed by a basket of currencies. It’s not a true crypto currencies. Bitcoin is. Yeah, it’s interesting. They actually launched their own stable coin Gemini dollar back in September of twenty eighteen that is backed by just the US dollars was pegged to the US dollar versus Libra, which is backed by a number of different securities, including the dollar, the euro, other.
stable security. So they think they’re This has, ah lot of room to run and great potential, especially given Facebook’s two billion active users seem a thankyou mode with the latest on that.
I looked at you,
by, I mean, some of these You want to look at these thirteen.
It was the North thirteen K, but the bug says below twelve.
What you think of the chart?
Well, I think the chart’s fine. Actually, we’ve talked about this for a while. I think the move has been good. You don’t want it to explode through fifteen thousand head back to all time highs. I think you want to go to fourteen, fifteen back and Phil down to eleven and then make the next move higher. So if this was a stock, we play that game all the time. I think it sets up really well in terms of Facebook, very quickly, way get a lot wrong. We got this one right back on June third trays on a one sixty four perfect fifty percent retracement of the entire move that we’ve seen over the last year or so. We said it sets up to take out on new highs, and I’ve said this many times. I don’t want to like Facebook for myriad of reasons, but you have to be true to yourself. And the stocks sets up well,
into earnings, probably just that all time. How we saw your now,
in terms of that recent run, though off,
of Libra, quite a lot of reasons like Facebook. Well, from what we’ve heard from the analyst, it’s not even though it gives the prospect of our new learning stream. If anything, it’s certainly divert attention off of some of their security issues in the regulatory dynamics. They’re coming at them from other places where they’re too big to fail. But I think ultimately we talked about on this desk with Facebook. One of the benefits they have is actually more regulation is going to make it a lot harder for anyone to get close to their critical mass and their footprint anytime