Several traditional finance giants, such as billionaire Paul Tudor Jones and business intelligence company MicroStrategy, have bought bitcoin (BTC) throughout 2020. Tyler and Cameron Winklevoss, co-founders of crypto exchange Gemini, said these investors were only a fraction of the huge amount of money transferred to Bitcoin.
Tyler in an interview with CNBC on Friday:
“These are the most advanced investors in the industry, the smartest people and they’RE quietly buying BITCOIN” he said.
HE NOTED THAT THERE ARE LARGE ORGANIZATIONS.
During this year, in addition to Tudor Jones and MicroStrategy, Stanley Druckenmiller, Jack Dorsey’s company Square, MassMutual and Guggenheim Partners also invested in Bitcoin. These major players began to invest in cryptocurrency at a time when the global economy was in an unstable state due to intensive money printing activities in the legal currency field.
Bitcoin is often compared to gold as a store of value and protection against inflation.
Tyler Winklevoss added:
“IN ADDITION, PUBLICLY TRADED COMPANIES SUCH AS SQUARE AND MICROSTRATEGY TRADED THEIR RESERVE ASSETS FOR BITCOIN BECAUSE THEY WERE CONCERNED ABOUT INFLATION.”
When asked about bitcoin’s high volatility, which could affect its use in transactions, the brothers described Bitcoin as a “buy and wait” strategy comparable to gold. “We see bitcoin as a new store of value that will dethrone gold, and we think it will reach a market capitalization of $ 9 trillion. So it doesn’t have to be used as a currency, and if it’s a store of value, its fluctuation isn’t that important, “Tyler explained. The billionaire also expects wealth volatility to wane over time.