Crypto billionaires Tyler and Cameron Winklevoss don’t fear regulation and aren’t too concerned about the recent price fluctuations.
"These technologies can’t flourish and grow without thoughtful regulation that connects them to finance," Tyler Winklevoss, chief executive and co-founder of the Gemini Exchange, said in an interview on Bloomberg Television.
"As long as jurisdictions strike the right balance, we think that it’s going to be a huge boon and win for cryptocurrencies,” he said.
Winklevoss considers that regulators haven’t moved quick enough to make clear frameworks and paths forward for legitimate operators. Furthermore, he believes that stronger enforcement actions against bad actors, like "scam" ICOs, need to be taken.
"It’s not a coincidence that the price of Bitcoin (Bitcoin) and Ether (ETH/USD) keeps going up with more regulated offerings like Gemini, more regulated offerings like the Bitcoin futures contract trading on the Cboe," Tyler Winklevoss said.
"The more these things happen, the better it’s going to be for cryptocurrencies."
That is among the reasons the brothers are long on Bitcoin, and they aren’t too concerned about the recent price fluctuations.
Cameron Winklevoss said, in turn, that Bitcoin could be worth 40 times its current value one day.
"Taking Bitcoin in isolation … we believe Bitcoin disrupts gold. We think it's a better gold if you look at the properties of money. And what makes gold gold? Scarcity. Bitcoin is actually fixed in supply so it's better than scarce … it's more portable, its fungible, it's more durable. Its sort of equals a better gold across the board," Winklevoss told CNBC.
Winklevoss did not give a time period but throughout the interview, mentioned he and his brother Tyler were taking a 10-to-20-year view.