Gemini exchange co-founder Tyler Winklevoss argues that as the US prepares for another incentive package, the time is right to buy Bitcoins.
Tyler Winklevoss, one of the founders of Gemini, one of the world’s leading cryptocurrency exchanges, suggested that the second incentive package to be released in the United States due to the coronavirus expected to be announced in the coming weeks is almost a “buy” call for Bitcoin. Tyler Winklevoss, one of the first cryptocurrency billionaires with his twin, shared this comment on his Twitter account after the speech by Fed Chairman Jerome Powell.
Fed Chairman Jerome Powell: Only the stimulus package can improve the economy
Powell said at the Fed’s monthly meeting that the current economic downturn is historic and it will take time to return to earlier levels. The expected incentive package talks have been going on since September. But the decision of the congress was delayed and when the US presidential election process intervened, the aid package turned into a snake story. However, Powell signaled that the package could be released soon.
In his speech, Powell emphasized that a strong improvement could be demonstrated with more financial support where appropriate. He stated that financial markets and the economy can benefit from an incentive package of the size deemed appropriate by the Congress.
Bitcoin is the winner of the incentive package
Tyler Winklevoss thinks a breakthrough on the aid package wing will benefit Bitcoin. The U.S. government has injected billions of dollars into the market since the COVID-19 outbreak. With the effects of the pandemic, the circulation rate of the dollar fell at record levels and the purchasing power melted, and the BTC supply remained constant due to its structure. Bitcoin gained value in this chart. For this reason, there are quite a lot of people who claim that Bitcoin will be the winner with the second incentive package.
Cameron, one of the Winklevoss twins, also criticized the Fed’s actions earlier this year, arguing that the US dollar was constantly melting and the results could be disastrous. After Powell’s speeches, Bitcoin has gained over 5% in the last 24 hours, but there is no specific evidence that this rise is related to the incentive package. But if history repeats itself, the effect of the Bitcoin incentive package could catch a new bull run, according to market analysts.