Khing Oei, the founder and CEO of Treasury, and Cameron and Tyler Winklevoss, co-founders of Gemini, engaged in a private fireside conversation with a packed house at the Treasury Stage of Bitcoin Amsterdam 2025. The discussion covered Bitcoin’s development from its wild beginnings to its current state as a regulated, established worldwide asset and why the best is still to come.
Bitcoin’s “Boring” era marks its maturity
The Winklevoss twins began by highlighting the positive aspects of Bitcoin becoming “boring.” Bitcoin was once thought to be erratic and unpredictable, but its increasing stability shows that it is serving as a trustworthy worldwide monetary system.
They stated that “when Bitcoin becomes boring, it indicates it’s working,” adding that robust financial infrastructure is defined by predictability rather than excitement. The transition from “magic internet money” to a reliable worldwide reserve asset demonstrates how far Bitcoin has come in gaining acceptance from the general public.
A bold yet ‘Conservative’ $1million bitcoin outlook
Cameron and Tyler restated their well-known prediction that Bitcoin will hit $1 million per unit, which they describe as a conservative prediction rather than conjecture. They maintained that this valuation is supported by Bitcoin’s limited supply, widespread usage, and waning trust in fiat systems.
They saw the development of Bitcoin as a logical reaction to global monetary mismanagement and inflation. They stressed, “It’s not hype – it’s math,” portraying Bitcoin’s rise as inevitable rather than utopian.
Bitcoin is still in its infancy
In contrast to the centuries-long lifespans of major currencies and financial institutions, Bitcoin is still quite young at 16 years old, the twins reminded the audience.
They emphasized that Bitcoin’s acceptance curve is still in its early stages by saying, “A decade means nothing in the life of a monetary network.” They think that the present is just the beginning of what will be a multigenerational change in the financial landscape.
Surviving attacks and building resilience
As the twins recalled years of governmental animosity and regulatory pushback toward Bitcoin and early exchanges, the discourse shifted to a contemplative tone. Bitcoin and Gemini survived in spite of this.
They pointed out that both have come out stronger, demonstrating the ecosystem’s resilience to close examination. Bitcoin was able to withstand the attacks. Gemini made it through the regulation. Additionally, the industry is stronger than ever, they said.
From Mt. Gox to Gemini: The industry grows up
When the Winklevoss twins reflected on the early crypto scene, they compared the current state of affairs to the turbulent Mt. Gox period, when exchanges were unregulated and prone to failure. Gemini was established as a transparent, compliant, and institutionally trusted professional alternative.
They characterized this change as the pivotal moment that gave the industry legitimacy and demonstrated that cryptocurrency is now a significant, security-focused financial sector.
The adoption phase has only begun
The twins ended the discussion with a positive statement: “The genuine Bitcoin era is just getting started.” According to them, the past ten years have been the “installation phase,” and the upcoming years will be the “adoption phase,” during which time Bitcoin will become deeply ingrained in international trade, finance, and society.