Everybody knows, at this stage, that the Winklevoss Twins – Cameron and Tyler – are big bitcoin fans. They have become crypto billionaires in recent years and have even started their own exchange in New York known as the Gemini Exchange. It was one of the first companies working in crypto in the Big Apple to obtain a Bit License, which shows you how serious they are about digital currencies.
Tyler Winklevoss Explains His Thoughts on BTC
Recently, Mr. Winklevoss sat down and commented about all the things that make this present bull run so different from the one that occurred in 2017. He mentioned that institutional investors now feel much more at home investing in crypto. The space has become far more mainstream and legitimate given that many exchanges now offer security and insurance, and regulation is growing on a regular basis.
Thus, companies such as family offices are really pushing the crypto space to a whole new level, and bitcoin has far more support than it’s used to. He mentions:
The type of investors in this bull run are quite different. They’re super sophisticated institutional investors like the legendary Paul Tudor Jones and [Stanley] Druckenmiller.
In addition, he says that retail players have taken more of a backend role when it comes to crypto. Right now, bitcoin and its altcoin cousins are no longer being viewed as potential payment methods, like they were originally intended to be. Rather, they are being looked at as potential “safe havens” or hedge tools; products that can keep one’s wealth safe during times of economic strife, which is what’s largely driving institutional players to get their fingers on digital currency.
These are the most sophisticated investors, the smartest people in the room, buying the bitcoin quietly. It’s not a FOMO thing, so it’s quite different than 2017. This cast of characters, these companies, these investors were not in bitcoin back then.
In addition, he’s quite confident that bitcoin could potentially grow large enough to ultimately knock gold aside completely. He states:
Publicly traded companies like Square and MicroStrategy are putting their treasury cash into bitcoin because they’re worried about the oncoming inflation and the scourge of inflation with all the money printing and the stimulus from the COVID pandemic lockdown.
BTC Is Surging Thanks to the Dollar’s Suffering
And, at the end of the day, inflation is proving to be a major factor. The United States and other nations are repeatedly having to print more fiat currency as a means of keeping stimulus measures in order and ensuring small businesses and individuals alike can sustain some measure of healthy existence. Thus, bitcoin is thriving given the economic chaos it’s facing. He mentions:
That’s why a lot of people have fled to bitcoin… because it’s unclear how the dollar gets off this track of debt and printing and what it’s actually going to be worth in the future.