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Tyler and Cameron Winklevoss are 2 of the most important figures in the cryptocurrency world. These twins are very famous for their early involvement in the sector, but also because they are co-founders and main executive officers of the Gemini exchange, one of the U.S. leading cryptocurrency exchanges. Their opinions have always been highly respected by the cryptocurrency community and therefore, their latest statement about the future of money, US dollar, gold, oil and Bitcoin, received a lot of attention.
Rising indebtedness of the world and problems of US dollar
The analysis of Winklevoss Capital, which was published by Tyler Cameron looked at the current financial world and pointed out some of the biggest problems. One of them is the rising indebtedness of the whole world, especially United States.
According to them, the debt-to-GDP ratio of United States has risen from 106% to 135% only due to Covid-19. To put it into perspective, debt-to-GDP ratio has been around 83% during Global Financial Crises 2008–2009. After that the ratio rose to about 106% during the second decade of this century. However only this year it has risen to 135%, or by 29%, which is more than in previous 10 years combined.
US is not the only state having this problem. When looking at China it is visible, that debt-to-GDP ratio has risen in this Asia superpower as well. Pre-COVID ratio of around 300% has risen in less than 3 months to 318% (in only Q1 2020). The same can be concluded about most of the world leading countries and economies.
Sadly, helping with the debt are the central banks. These financial institutions that are trying to avoid the collapse of whole financial world, are currently printing insane amounts of money as a way of dealing with slowing economies. However, this process cannot continue infinitely and it will surely leave a mark on all the economies and their preparedness for next crises.
Only looking at the balance sheet of Federal Reserve, central bank of US and one of the most important financial institutions in the world should be worrying. Due to COVID-19 related problems the bank has increased its balance sheet by 3 trillion dollars, of which 1,1 trillion was printed. To see it from another perspective, the Fed printed two thirds as much money in the last 6 months as it did over the prior 11 years.
The Bitcoin argument
Seeing dollar as the biggest problem or blaming everything on Fed is of course not the best decision. It will not solve anything. However, Bitcoin can solve some of the problems outlined above. The most important as well as the most obvious is the problem of centralization. All of the money supply, and the financial world as such is based on centralization and third parties. Bitcoin is a decentralized currency based solely in digital world, which makes it desirable for upcoming generations.
Moreover, it is solving the problem of money printing and therefore inflation. Since Bitcoin has given supply, it is not only scarce, but also fixed at 21 million bitcoins. This makes it completely opposite of the money supply as is known now.
Bitcoin also already proved its worth. Increasing from an idea, a whitepaper, to a 200 billion dollars market capitalization in less than a decade, Bitcoin has taken the financial markets by storm and is by far the most profitable asset in modern history. However, when compared to market capitalization of gold, one of the closest assets by its scarcity and investment characteristics, Bitcoin still has room to grow. With more than 9 trillion dollars, the market capitalization of gold is bigger 45-times, meaning that if Bitcoin ever reaches the market capitalization of gold, it could be selling for over 500 000 dollars a coin.
Be a part of this growing world
The prediction above is not even the most optimistic the Winklevoss twins have released. According to them Bitcoin can grow as high as 600 000 dollars a coin if central banks hedged their positions by buying the biggest cryptocurrency. Therefore, the upside investment potential is incredible, which will in the long term only attract more and more investors, who would want to participate in the sector.
And one of the best places to start with cryptocurrencies is Fun Gram. This project offers broad scale of products and services that are crypto related and offer great investment potential. This decentralized social finance platform is one of its kind since it creates “Social Finance” by combining Fun, Friendship, Fund and Restart mechanism in a key factor called 3F+R.
Moreover, its core ideas are still connected to cryptocurrency sector due to the belief that the privacy should be one of the main goals of crypto world. That is why Fun Gram offers peer-to-peer encryption of communication services, which serve to encrypt messages exchanged by users, leading to safe and private communication within all sides included.
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And the Winklevoss twins like having lots of bitcoins, do they? I’m sure they do at the moment. In March 2013, they bought about 100,000 of them, when each coin was worth roughly $120. The Winklevoss twins will return to the silver screen in a film adaptation of Bitcoin Billionaires, author Ben Mezrich's follow-up to The Accidental Billionaires—the book that became 2010 film The Social Network.. According to a report from Deadline, Cameron and Tyler Winklevoss will co-finance the film, which picks up the story where The Accidental Billionaires left off—with the twins ... The bitcoin price, up around 30% on the last six months, has developed a reputation as a potential hedge against inflation, similar to gold—and the Winklevoss twins, who founded of the New York ... The Winklevoss twins, who once planned to buy up 1% of all bitcoin in existence, have, though, been working on bringing their U.S.-based bitcoin and cryptocurrency exchange Gemini to Europe. Winklevoss twins expand crypto exchange into UK The brothers' Gemini Trust company will offer UK customers the ability to buy products and services with Bitcoin using their debit cards
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Donate to TheBitcoinArmy: 1FEqW7sQrxqQbVtx3TpYMKYUuLU9CUEfmo Winklevoss Twins: Bitcoin Could Go Beyond One Trillion Market Cap + Gemini.com Announcement. Cameron and Tyler Winklevoss sit down with John Biggs to discuss Wall Street's attitude toward bitcoin, their new bitcoin exchange, and their bitcoin-based e... Chamath Palihapitiya interview: Bitcoin Halving, Tesla Stock, BTC 2020, Crisis قنشوبة 69,552 watching Live now Former Facebook Exec Chamath Palihapitiya On Social Media, Bitcoin, And Elon ... The Winklevoss twins explain the future of Bitcoin including how it compares to gold and how there is still so much more potential for growth. They became famous as the privileged pair of Harvard athletes who believe Mark Zuckerberg stole their idea for Facebook. Now, entrepreneurs Cameron and Tyler...