Winklevoss Twins Say Gemini Will Propel Bitcoin Into Becoming A Usable Financial Option

It's no secret that Tyler and Cameron Winklevoss, dubbed the Winklevoss Twins, are passionate about bitcoin.

The two claim that they own at least 1 percent of the bitcoins in existence and have backed several ventures aimed at driving the cryptocurrency into mainstream use.

The two are not only enthusiastically supporting the digital currency, but are planning to launch a bitcoin exchange later this year that will restore public confidence in buying and selling cryptocurrencies.

BitCoin Bumbling

The twins told Business Insider that they would compare bitcoin's rocky year to a toddler taking its first steps. The currency has faced its share of setbacks recently, from its sharp decline in value to a spate of scandalous news stories painting bitcoin as a tool for illicit transactions.

However, much like a child gains momentum with each unsteady step, the Winklevoss twins say the cryptocurrency's growing pains will eventually lead it to dominate financial markets.

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SXSW

The Winklevoss twins made their way to South By Southwest on Monday for a talk called Bitcoin: What It Needs To Succeed. In their opinion, the cryptocurrency needs advanced financial tools that allow the public to get involved without the fear of being taken advantage of.

Their exchange, called Gemini, is expected to be fully regulated and will allow anyone to buy and sell bitcoin. The twins have said that they are hoping that Gemini will become the Nasdaq of bitcoin.