Winklevoss Twins: Wall Street Has Been “Asleep at the Wheel” Regarding Bitcoin

Michael LaVere
  • Winklevoss Twins say Wall Street has been "asleep at the wheel" in acting on bitcoin.
  • Retail investors hold an advantage over institutions in the crypto marketplace. 

Cameron and Tyler Winklevoss, who founded the cryptocurrency exchange Gemini, said that Wall Street has been “asleep at the wheel,” in regards to bitcoin in their most recent interview. 

Sleeping on Bitcoin

Speaking with CNN Business on Aug. 22, the Winklevoss Twins explained the value of bitcoin as an investment, while giving their opinion on the risks of the cryptocurrency industry in comparison to the traditional financial sector. 

They were also critical of the established market’s slow acceptance of bitcoin and cryptoassets, claiming that Wall Street has fallen behind in that regard. Tyler Winklevoss argued that retail investors have had the edge of institutions in the market of crypto through their willingness to explore the new asset class. 

He continued, 

“Unlike the internet, which you couldn’t buy a piece of, you can actually buy a piece of this new internet of money. It’s still a retail-driven market, from day one [...] and a lot of people have done really well. Wall Street has been asleep at the wheel.”

In addition, the twins claimed not to be deterred by the high price volatility of bitcoin, and said the risk of missing out was much more compelling, 

“We had to invest because we were afraid of missing out, we couldn't miss out on this future.”

The twins also compared bitcoin to gold, which is becoming a more common financial analogy as investors and analysts view BTC as a digital store of value.