Tyler Winklevoss, CEO of the cryptocurrency exchange Gemini, commented on the shelter for Bitcoin on Twitter. Following the news of the US incentive package, Winklevoss stated that he considered Bitcoin as a reliable asset, emphasizing that the optimism seen in the US stock markets emerged after the expectation of a larger stimulus package.
While Winklevoss made positive comments for Bitcoin, the big jump in BTC price lately was frequently commented by analysts. There are many analysts who believe that BTC, which has experienced a strong upward rally in the past weeks, has been affected by the rise seen in the S&P 500 stock market. However, there is a belief that Bitcoin is rising not only because of external influences, but also because of its characteristics different from assets in traditional markets.
Due to the coronavirus pandemic, global economic and financial problems, incentive package statements and liquidity problems have brought to light some negativities regarding the traditional monetary system. As an example, while the US money supply increased by 21%, analysts also stated that the demand for Bitcoin and cryptocurrency increased. In other words, while large amounts of money are printed globally, the value of decentralized cryptocurrencies is rising rapidly. For these reasons, Gemini CEO Winklevoss commented on Bitcoin as a shelter in the global economic impasse.
Analysts Say There Are Bullish Signals In Bitcoin
Raoul Pal, CEO of Real Vision, who has invested more than 50% of his wealth in Bitcoin, said he thinks Bitcoin may be the best investment tool in recent years. Pal said that he thinks that Bitcoin exceeded $ 100,000 during the last market cycle and that this level could reach $ 1,000,000 in the coming years:
Simply put, Powell said there is ZERO tolerance for deflation. So he stated that they could do anything to stop this. This is good news for Gold and Bitcoin, two very tough assets. Powell wants inflation, but I don’t think he’s getting the increase in demand he wants. However, Powell will see the devaluation of fiat currencies like other central banks. “