Digital Currency Revolution Series: Tyler Winklevoss Bitcoin Obsession Continues Foreseeing Outperformance Over Bullion

The entire cryptocurrency industry has seen a struggle ever since the U.S. SEC (Securities and Exchange Commission) declined the Winklevoss twins’ attempts of launching a bitcoin ETFs which has been applied by the Winklevoss brothers.

By now, that has become the history, with the prevailing Bitcoin bullish rout, we witnessed too much of speculations that have taken place in the recent past on the news of gold is going to be replaced as a store of value by the cryptocurrency. 

Winklevoss brothers have always been extremely optimistic about bitcoin, one can easily make out from their constructive commentaries.

They revealed that “we learned about Bitcoin in 2012 for the first time. Perhaps where you'd least expect on an island off the coast of Spain in the middle of August, IBIZA. Our first impression was that this was either going to be really big or a complete zero. Ever since then we were immediately taken in by Bitcoin's elegance and enormous promise, and as we started to learn more, we became convinced that Bitcoin was the future of money. 

During back in 2018, they stated: “if you can’t see bitcoin at $320,000, you just lack imagination”.

Tyler Winklevoss for now, the Co-Founder of Gemini exchange, came up with his notions in a tweet stating that “there is no reason why Bitcoin will not disrupt the gold market”.

Well, Gold in the bullion market has maintained the status of the reliable store of value for the centuries together. Until the recent past, there hasn’t been any strong counterpart to the precious metal for the real competition, however, many veterans among the cryptocurrency gamut reckon that the Bitcoin seems to be replacing. We think for the acceptance of pioneer cryptocurrency, one needs to empathize the revolution and evolution of the currency system.

John Laforge, the chief of Real Asset Strategy at Wells Fargo, in a recent interview with Kitco news, raised caution for the uninformed investors on seeking comfort zone in the bullion market. ROI (Return on Investment) doesn’t seem to be attractive as the underlying price is not performing as per the expectations of investors. 

He further added cryptocurrency unlikely to affect the gold prices as the cryptocurrencies are still in the growing stage and he expected gold to appreciate despite the surge in Bitcoin price.

However, the gold price hasn’t lived up to the expectations even though the experience of huge volatility, which is not the prime property of a good store of value, he appended. 

The crypto aspirants perceive this as a potential advantage for Bitcoin.

Currency Strength Index: FxWirePro's hourly AUD spot index is inching towards 74 levels (which is bullish), while hourly USD spot index was at 46 (mildly bullish) while articulating (at 10:22 GMT). 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex