Gemini CEO Tyler Winklevoss Remains Bullish on Bitcoin

Jafrin  |  Nov 7, 2020

Bitcoin has seen a strong rally over the past couple of days and weeks. The cryptocurrency is up by nearly 50% over the last 30 days, signifying the end of crypto winter. Bitcoin evangelist and co-founder of Gemini cryptocurrency exchange, Tyler Winklevoss remarked recently that the U.S. stimulus packages are a “code for buy Bitcoin.” Tyler commented in response to a speech made by the U.S. Federal Reserve Chair Jerome Powell.

"Code to Buy Bitcoin"

Powell in his speech said:

“current economic downturn is the most severe in our lifetime, and it will take a while to get back to the levels of economic activity and employment that prevailed at the beginning of this year.”

Powell further added that the financial markets would benefit from stimulus packages.

“I think we’ll have a stronger recovery if we can just get some more financial support when it’s appropriate…the size Congress thinks is appropriate.”

Tyler Winklevoss opined to Powell’s speech saying that “this is code for buy Bitcoin.”

Tyler wants to signify that the fiscal stimulus will only lead towards driving the price of Bitcoin higher in response to the effect on US dollars.

While the government of the U.S. is interested in printing out US dollars since the COVID-19 pandemic, Bitcoin’s market cap remains fixed at 21 million.

Tyler Winklevoss Declares Bitcoin Up for Further Breakout

Towards the end of October when the cryptocurrency was already at its all-time highs, Tyler declared that Bitcoin will be up for a further breakout:

“I do think we will see an all-time-high price for #Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run.”

The Winklevoss brothers have always been firm believers of Bitcoin. In 2013, the Winklevoss twins bought $11 million worth of Bitcoins while creating the US-based cryptocurrency exchange Gemini Trust Co.

Related News