Cryptocurrency News

The Winklevoss Brothers Stayed True to BTC. And It Paid Off

The Winklevoss brothers are among the most ardent supporters of crypto. And the ardency has certainly paid off: According to a new report, their wealth has doubled since January.

BTC is up again. The coin, which traded at less than $4,000 in January 2019, is now worth $11,036. This development has helped the Winklevoss brothers, the twins behind the Gemini exchange, to reclaim the title of the richest figures in the crypto space. 

According to the Bloomberg Billionaires Index, their net worth has hit an impressive number of $1.45 billion. To compare, at the beginning of 2019 the respective number stood at $654 million.

The majority of their assets are still held in BTC and altcoins. The brothers have recently given an extensive interview, where they explained their attitude toward BTC. For instance, they believe that BTC is the new Gold 2.0.

Thanks to Libra or something else?

“Bitcoin has more than tripled since December, prompting many investors to ignore the 74% drop last year that followed the 1,400% surge in 2017,” the news outlet writes.

Indeed, it is difficult to argue with the fact that the market is looking optimistic. Moreover, some analysts point out that the latest surge has nothing to do with the 2017 kind of frenzy. The scene looks completely different today. Bloomberg quotes Qiao Wang, director of product at crypto data startup Messari, “The confidence is certainly returning. The difference between now and the last time Bitcoin reached $13,000 is that the market is currently far more rational.”

The outlet also speculates about other potential reasons behind the current hype. Larry Cermak, the director of research at the Block, believes that whales have started the rally. Retail investors quickly joined in.

Wang, in turn, added that factors like devaluation of yuan could also be among potential reasons. So is the Federal Reserve’s plan to pursue expansionary monetary policies

“Bitcoin is digital gold and a hedge against inflationary economic crises,” Wang said. “If investors believe in this thesis, they should slowly accumulate Bitcoin and hold it for years to come. They should not go all-in or trade frequently.”

Previously, Altcoin Buzz reported that Ryan Selkis, CEO of Messari, believes that BTC might be worth $50,000 soon. Besides, in May it emerged that Mark Zuckerberg is holding talks with the Winklevoss brothers over the Libra coin.

View original post

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button