Cameron and Tyler Winklevoss, the founders of prominent cryptocurrency exchange Gemini, have long been advocates for the establishment of a Bitcoin BTC/USD exchange-traded fund (ETF).
What Happened: The brothers took a significant step in mid-2013 by filing plans for the Winklevoss Bitcoin Trust. Their ETF proposal was rejected by the Securities and Exchange Commission (SEC).
The Winklevoss twins first gained public attention when they sued Mark Zuckerberg, alleging that he had appropriated their concept for what became known as Facebook.
On July 1, 2013, Cameron and Tyler Winklevoss formally submitted their groundbreaking application for a Spot Bitcoin ETF. Since that time, the value of Bitcoin has skyrocketed by over 300 times.
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Why It Matters: Meanwhile, the SEC has decided to postpone its decisions on several Bitcoin ETF proposals, including those submitted by BlackRock and Valkyrie.
The SEC has delayed its decisions on a number of Bitcoin ETF proposals. This announcement comes following previous delays on decisions for Ark 21Shares and GlobalX until January 2024.
If you had invested $100 in Bitcoin back in 2013 when the Winklevoss brothers filed for the Bitcoin spot ETF on July 1, when BTC was trading at $90, you would now be enjoying a profit of $30,500, representing an extraordinary rise of 30,400%.
Price Action: At the time of writing, BTC was trading at $27,362.22, down 0.86% in the last 24 hours, according to Benzinga Pro.
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Image and article originally from www.benzinga.com. Read the original article here.