Winklevoss Twins Confident That Bitcoin is Gold 2.0

It’s been six years since the Winklevoss twins opted to utilize some of their newfound wealth – derived from their settlement following a lawsuit against Facebook’s Mark Zuckerberg – and invest vast sums of it into Bitcoin. Furthermore, there is an accelerating narrative among other financial investors that Bitcoin is “digital gold” and that investors should switch their focus. Even conventional Wall Street traders recommend allocating 5% of an investor’s portfolio to Bitcoin today. Burgeoning cryptocurrency investment fund, Grayscale, recently launched its own #DropGold campaign, advocating investors removing gold for Bitcoin in their portfolios. It’s a campaign that’s been supported staunchly by the Winklevoss twins.

The Winklevoss twins liken Bitcoin’s progress thus far to being “at the bottom of the first inning”. Despite the sizeable drop in Bitcoin’s value in 2017, Tyler Winklevoss believes that Bitcoin has shown considerably less volatility than gold, insisting that Bitcoin is “better at being gold than gold”.

Ironically for the Winklevoss twins and the rest that are heavily invested in Bitcoin, the announcement that Facebook would be launching its own cryptocurrency in the form of Libra helped the price of Bitcoin go beyond $13,000 for the first time since January 2018. Qiao Wang, director of product at cryptocurrency data start-up, Messari, believes that the Bitcoin market is “currently far more rational” and “confidence is certainly returning” as a result. Improved oversight and refinements to compliance will also breathe more confidence into Bitcoin and help its resurgent price, which was trading at less than $4,000 per BTC as recently as March.