The Winklevoss Capital partner said that facts on the ground are lagging behind the expectations. Her negative stance may be part of the Winklevoss Capital’s effort to shun Bitcoin and focus only on stablecoins like its own Gemini Dollar.
Witzke claimed that although Bitcoin hit a record USD 20,000 mark back in 2017’s crypto market bull run, the crypto sector is still far from attracting traditional investors. She said that it was a wrong perception that blockchain innovation has been embraced by the traditional capital and added that it will take a while for institutions to get accustomed to blockchain technology.
Witzke believes that healthy debt, better custody and good credit markets are required to whet appetite for investment, and believes that these tasks are likely not to be achieved during 2019.
Furthermore, she said that she has not seen any investor “take the plunge”, with many making deep considerations before dipping their toes into crypto. She added that there are two major concerns among the investors: the first being the lack of clarity in regulations (especially in the US) and second being the security of their assets. She also argued that both consumers and traditional investors deserve the same level of protection.
In the previous weeks, the Winklevoss brothers launched an ad campaign which hinged on the importance of regulating the crypto sector, which they believe are likely to attract more and more traditional investors. Many prominent voices inside the crypto industry believe that the involvement of traditional investors will be beneficial for the future of blockchain technology.
Winklevoss Capital has often been associated with the pro-establishment mindset that believes that cryptocurrencies cannot take off without investments from mainstream investors.
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