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Bitcoin (BTC) has had the best start to a new year since 2012, rising some 20% since January 1st, while other major and minor Cryptocurrencies have performed still better.
The Bitcoin price, which has been on a steep downward trend since the middle of last year, last night climbed to almost $9,000 per BTC on the Luxembourg-based Bitstamp exchange.
Elsewhere, Bitcoin offshoots Bitcoin SV and Bitcoin Cash have soared, though some are worried their gains won’t hold.
Now, with the Bitcoin and Cryptocurrency market eyeing the looming BTC halving event, Crypto investors Cameron and Tyler Winklevoss, of Facebook founding fame, have warned the traditional financial industry it needs to start “building up bitcoin reserves.”
“If you have gold, start building up Bitcoin reserves,” Tyler Winklevoss, who cofounded Bitcoin and Crypto exchange Gemini with his brother in 2014, told attendees at the Crypto Finance Conference today in Switzerland. “We think Bitcoin will disrupt gold.”
“Once the likes of Tesla’s Elon Musk or Amazon’s Jeff Bezos start mining gold on asteroids, which will happen within 25 years, gold’s value will change,” Tyler said, to laughter from the audience, adding that gold investors need to “buy Bitcoin.”
The Winklevoss twins also indicated they remain bullish on the Bitcoin (BTC) price despite its recent rally, pointing to the upcoming bitcoin halving event that will see the number of new bitcoin rewarded to miners cut by half.
“The halvening in May will be big for Bitcoin,” Cameron Winklevoss said.
“It’s rarely priced in,” referencing the Bitcoin price eventually rallying in the aftermath of the two previous halvings. Meanwhile, the Winklevoss twins warned the U.S. is at risk of falling behind China when its comes to Bitcoin and Cryptocurrency development.
“The U.S. has been slow,” Tyler Winklevoss said. “China will likely issue a stablecoin first.
This could be the first in modern times that the U.S. hasn’t been first on something like this,” adding that regulation is “fit for purpose” in certain areas but not in others, “hurting innovation.”
In other Crypto news today:
Fundstrat’s Tom Lee sees a bright future for Crypto in 2020.
The Cryptocurrency market will rise on new healthy dynamics in 2020, commented Thomas Lee, The January price rally shows a return to more active trading with new possibilities for digital assets.
Lee believes Bitcoin may be in for a bigger rally, as the halving of the block reward is not yet priced in. This new narrative goes counter to the idea that 2019 trading already discounted the halving news.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Bitcoin Just Plunged 3% In Minutes: Does This Mean Rally is Done?
Fundstrat’s Tom Lee Sees Bright Future for Crypto in 2020
https://cointelegraph.com/news/no-it-wasnt-craig-wright-bitfinex-moves-1b-in-bitcoin-for-48-cents
https://www.forbes.com/sites/billybambrough/2020/01/15/as-bitcoin-roars-into-2020-the-winklevoss-twins-make-wall-street-warning/#3fe86d6f7373
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