Category Archives: Gold 2.0

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Winklevoss: Bystanders Crazier than Bitcoin Investors

Winklevoss: Bystanders Crazier than Bitcoin Investors

One half of the Winklevoss twins and co-founder of the Gemini cryptocurrency exchange, Cameron Winklevoss, has debated that it would be “definitely crazier” to be a bystander on the sidelines than to be a part of the future of money that Bitcoin and other crypto are building.

Some people think it’s crazy to invest in crypto. Maybe. But definitely not as crazy as sitting on the sidelines when the future of money is literally being built before your eyes.

— Cameron Winklevoss (@winklevoss) May 20, 2019

Not ready to be outdone by his brother Tyler, also a Bitcoin bull active on Twitter who has called Bitcoin “Gold 2.0“, Cameron said:

“Some people think it’s crazy to invest in crypto. Maybe. But definitely not as crazy as sitting on the sidelines when the future of money is literally being built before your eyes.”

There are plenty of detractors, of course, even as Bitcoin surmounts a credible rally towards new highs in 2019, beating all other traditional assets such as gold, oil and the stock markets to be the best performing asset of the year so far. One such person is popular TV personality and wealthy entrepreneur Kevin “Mr Wonderful” O’Leary of Shark Tank fame.

In his recent argument with crypto analyst Anthony Pompliano of Morgan Creek, O’Leary insisted that there was no value in owning Bitcoin as an asset class:

“Tell me why this, which is basically a digital game, has any intrinsic value. And where is the long-term value? Just this idea that they’re going to cut the number of units in half is just a scam. That’s just total BS.”

Long time commentator Tom Lee, as well as others like the Winklevoss brothers, however, are of the opinion that Bitcoin has more than made a case for its title as “digital gold”. The millions of users and thousands of merchants accepting Bitcoin would be keen to agree.

 

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Winklevoss: Bitcoin is Gold 2.0

Winklevoss: Bitcoin is Gold 2.0

Tyler Winklevoss, one half of the famous Winklevoss Twins who manage digital asset platform Gemini, has spoken out about Bitcoin as the new digital gold, calling the world’s foremost cryptocurrency “Gold 2.0”.

Bitcoin is gold 2.0. It matches or beats gold across the board. It’s market cap is ~140bil, gold’s market cap is ~7tril. Do the math!

— Tyler Winklevoss (@tylerwinklevoss) May 16, 2019

According to his argument, Bitcoin’s position in the market today after only 10 years of existence has proven its staying power, and has now in fact displaced the precious metal in several comparisons. This includes a market capitalization of around USD 140 billion, compared to gold’s USD 7 trillion market cap.

Those who believe that Bitcoin is a store of value will probably enjoy the fact that the theory is supported by someone as influential as Winklevoss, although there will be others who say that for Bitcoin to succeed as a digital currency in the way it was originally deemed, its value needs to be more predictable and less volatile.

Senior market analyst at eToro, Mati Greenspan believes that both sides of the equation bear merits, seeing individual strengths for both gold as a traditional store of value in times of crisis and Bitcoin as a digital currency. As he points out, switch the power off and you can’t use Bitcoin:

Yeah. Bitcoin is digital gold and has advantages over regular gold. However, physical gold also has advantages over bitcoin.

It can be used to make jewelry or technology and can be used in the event of a total system meltdown. If the power goes out, you can’t use bitcoin.

— Mati Greenspan (@MatiGreenspan) May 16, 2019

Other industry giants like crypto fund Grayscale, for example, go even more extreme, launching a  #dropgold campaign calling for Bitcoin to replace gold as a store of value in the new global digital economic model.

Whichever the opinion, it is becoming clear that Bitcoin cannot be ignored, whether as a revolutionary new technology, or digital money, or store of value. 

 

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