Gemini Co-Founder Accuses California of 'Stealing' Bitcoin Under New Law
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 17h ago
0mins
Source: Yahoo Finance
- Legal Controversy: Tyler Winklevoss, co-founder of Gemini, accuses California of allowing the government to 'steal' unclaimed cryptocurrency under a new law, which could undermine investor confidence in the state's crypto market.
- Policy Impact: The law stipulates that if holders do not perform any transactions or electronic access within three years, the state will claim ownership of these 'intangible assets', raising widespread concerns about the security of crypto assets.
- Industry Response: Several industry figures, including Bitcoin advocate Dennis Porter, have dismissed the 'forfeiture' interpretations, emphasizing that this is regulatory oversight rather than simple confiscation, which may affect California's investment climate.
- Market Confidence Erosion: Winklevoss's allegations could lead to investor skepticism regarding California's cryptocurrency policies, potentially impacting Gemini and other crypto platforms' business operations in the state.
Analyst Views on GEMI
Wall Street analysts forecast GEMI stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for GEMI is 28.10 USD with a low forecast of 16.00 USD and a high forecast of 41.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
6 Buy
5 Hold
0 Sell
Moderate Buy
Current: 11.090
Low
16.00
Averages
28.10
High
41.00
Current: 11.090
Low
16.00
Averages
28.10
High
41.00
About GEMI
Gemini Space Station, Inc. is a holding company. The Company, through its subsidiary, Gemini Space Station, LLC, offers a mobile and Web-based crypto asset exchange platform, proprietary wallet infrastructure and custody solutions, high-performance over-the-counter trading solutions tailored to institutions and professionals, a digital art auction platform, a proprietary United States dollar backed stablecoin, and a credit card product that offers crypto asset rewards on customer purchases. The Company operates globally and provides security solutions across all of its product offerings. Its platform simplifies and secures the process of buying, selling, storing, staking, and collecting digital assets. It provides accessible and straightforward educational resources to help its users understand the intricacies of crypto assets. Its Gemini Credit Card, an innovative credit card made available by Gemini, allows users to earn and grow crypto rewards every time they swipe.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
