Crypto News

Tyler Winklevoss: 'Smartest people in the room buying the Bitcoin quietly'

Big name financial players continue buying into Bitcoin.

Throughout 2020, more than a handful of traditional financial giants have picked up stacks of Bitcoin (BTC), including the likes of billionaire Paul Tudor Jones and business intelligence firm MicroStrategy. These investments are part of a flow of big money entrances into BTC, Gemini crypto exchange co-founders Tyler and Cameron Winklevoss recently said. 

“This is the most sophisticated investors, the smartest people in the room, buying the Bitcoin quietly, so it’s not a FOMO [fear of missing out] thing,” Tyler said in a CNBC interview, published on Friday. Major institutions are here for this go-round, as opposed to Bitcoin’s retail-led bull run in 2017, Tyler explained.

Over the course of this year, in addition to Tudor Jones and Microstrategy, Stanley Druckenmiller, Jack Dorsey’s Square, MassMutual, and Guggenheim Partners have all gained exposure to Bitcoin. Their crypto plays come in line with an unstable global economic atmosphere rife with money printing efforts.

Bitcoin is often compared to gold as a store of value and inflation hedge. Druckenmiller and Tudor Jones align themselves with such a narrative.

Tyler Winklevoss added:

“Also, you have publicly-traded companies like Square and MicroStrategy 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 lockdowns.”

When asked about Bitcoin’s volatility as an asset for transactions, the brothers called Bitcoin a “buy and hold” strategy comparative to gold. “We see Bitcoin right now as an emergent store of value that will disrupt gold, and that gets us to a $9 trillion market cap for Bitcoin,” Tyler said. “So it actually doesn’t have to be used as a currency, and the volatility doesn’t matter if it’s actually a store of value,” he added. The billionaire also expects some level of dwindling volatility for the asset over time.

At time of publication, Bitcoin’s market cap sits at about $335 billion — a far cry from $9 trillion, although the asset recently broke its all-time price high, set in 2017.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
0 Comments
Inline Feedbacks
View all comments
CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

Cardano To Update Mary Protocol On March 1
Cardano’s core development team announced that the Mary protocol update will go live on March 1. Input Output also...
FD7 Ventures Converting $750 Million Of Bitcoin Into Cardano, Polkadot Tokens
Dubai-based crypto-investment fund FD7 Ventures is selling $750 million worth of Bitcoin. It will then use the proceeds to...
Grayscale Exploring 23 Cryptocurrencies For Potential Investment Products
Grayscale Investments has revealed the cryptocurrencies that it is considering to create new investment products. The world’s largest digital...
Kobe Bryant NFT Digital Art Is Being Valued At $20,000
Cryptocurrency trader known as “westcoastnft” has been involved in the industry since 2014. Mostly buying and selling Bitcoin over...
Stone Ridge Asset Management Adds Bitcoin To Diversified Alternatives Fund
Stone Ridge Asset Management will make Bitcoin part of its seven strategies for the Stone Ridge Diversified Alternatives Fund....
Kraken Planning To Raise New Funds At Over $10 Billion Valuation
Kraken is in talks with Fidelity, Tribe Capital and General Atlantic. To raise new funds with a target valuation...

Featured Crypto News

Cardano To Update Mary Protocol On March 1
Cardano’s core development team announced that the Mary protocol update will go live on March 1. Input Output also...
FD7 Ventures Converting $750 Million Of Bitcoin Into Cardano, Polkadot Tokens
Dubai-based crypto-investment fund FD7 Ventures is selling $750 million worth of Bitcoin. It will then use the proceeds to...
Grayscale Exploring 23 Cryptocurrencies For Potential Investment Products
Grayscale Investments has revealed the cryptocurrencies that it is considering to create new investment products. The world’s largest digital...
Kobe Bryant NFT Digital Art Is Being Valued At $20,000
Cryptocurrency trader known as “westcoastnft” has been involved in the industry since 2014. Mostly buying and selling Bitcoin over...
Stone Ridge Asset Management Adds Bitcoin To Diversified Alternatives Fund
Stone Ridge Asset Management will make Bitcoin part of its seven strategies for the Stone Ridge Diversified Alternatives Fund....
Kraken Planning To Raise New Funds At Over $10 Billion Valuation
Kraken is in talks with Fidelity, Tribe Capital and General Atlantic. To raise new funds with a target valuation...