Business

Derek Tonin

Winklevoss brothers comment on Facebook’s cryptocurrency projects

After recent reports that Facebook was working on its own cryptocurrency, it would only be natural to ask the Winklevoss twins what they thought of the news. After all, their legal battle with Mark Zuckerberg over Facebook’s conception, and more recent shift to the cryptocurrency industry, makes them uniquely qualified to discuss these developments.

If you aren’t familiar with the Winklevoss brothers’ history with Facebook, they famously argued that Mark Zuckerberg stole the idea of Facebook from them while at Harvard. They eventually went to court, and then settled on a large payout. Since then, they’ve moved on to create their own cryptocurrency exchange, Gemini.

They recently sat down with The Telegraph for an interview about their cryptocurrency investments, and discussed Facebook’s new venture.

Animosity with Zuckerberg seems to be well behind them, with Cameron Winklevoss commenting that it was a “really positive” thing that Facebook is wading into the crypto space. Taylor added that it was “cool.”

Providing a bit more insight though, they added that crypto is going to mean so much more to social networking sites than just being a new payment option. Cameron noted: “Crypto is transferring value and putting markets on certain resources which is, like, greater, like, brings more people in, like, than, like, sharing photos right.”

Tyler added to that thought, saying, “[It’s] powerful. People want to connect and stuff, but if you actually pay people and things in value that is almost, like, more significant.”

This largely echoes comments previously made by nChain Chief Scientist Dr. Craig Wright. He recently commented that with the emergence of the Bitcoin SV (BSV) blockchain, social media sites could provide better accountability for content with audit trails, improved privacy, and create better communities through controlled access.

It’s unclear at this point if Facebook intends to use their blockchain in those ways, as its mostly been described as a stablecoin project for improved money transfers. If they do follow the lead provided by Wright and the Winklevoss brothers, they have the potential to introduce over a billion users to a better world, made possible by technology like BSV.

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