Tyler Winklevoss – Institutional Investors Have Taken Lead in Bitcoin Rally This Time December 14, 2020 December 14, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsDecember 14, 2020 by Kelly Cromley

Tyler Winklevoss – Institutional Investors Have Taken Lead in Bitcoin Rally This Time

Cameron an Tyler WinklevossAll through this year, several popular mainstream listed firms and investor have bought considerable chunks of Bitcoins (BTC). This includes billionaire hedge fund manager Paul Tudor Jones MicroStrategy, a business intelligence company.

These investments are portion of channelization of enormous amount into Bitcoin, as per billionaire twins and Gemini cryptocurrency exchange co-founders Tyler and Cameron Winklevoss.

In a CNBC interview, Tyler 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.”

Top institutions are keeping the upward momentum and have started taking the lead this time, compared with retail traders led rally in 2017, Tyler detailed.

Notably, the year has witnessed entry of several mainstream firms in crypto market. The list of firms who purchased Bitcoins includes Tudor Jones, MassMutual, Stanley Druckenmiller, Microstrategy, Jack Dorsey’s Square, and Guggenheim Partners. Their entry has coincided with uncertain global economic situation combined with money printing initiatives.

Bitcoin is usually equated to gold by referring it as a store of value and hedge against inflation. Druckenmiller and Tudor Jones echoed similar opinion.

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 queried about Bitcoin’s price fluctuation, Winklevoss brothers opined that “buy and hold” strategy should be adopted for Bitcoin, in comparison to gold.

Tyler said “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.”

He further stated “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.”

The billionaire anticipates certain level of drop in volatility of the asset over a period of time.

At the time of writing this article, Bitcoin’s market cap was $354.50 billion, far below the forecast market cap of $9 trillion, even though the asset continues to trade near its historical peak of $20,000 recorded three years back.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.