Tag: winklevoss

"Buckle Up" For Bitcoin's Next Bull Run, Cameron Winklevoss Says

Gemini CEO and co-founder Cameron Winklevoss believes that the next Bitcoin bull run coming up will be “dramatically different,” due to the innovative financial resources that crypto investors have access to nowadays and to the current economic infrastructure.   

Winklevoss Anticipates Next BTC Bull Run

Compared to previous bull markets, the billionaire crypto philanthropist said that with the rise of infrastructure, the influx of capital, and better projects at hand, Bitcoin (BTC) is set for its next bull run:  

“The next Bitcoin bull run will be dramatically different. Today, there’s exponentially more capital, human capital, infrastructure, and high-quality projects than in 2017. Not to mention the very real specter of inflation that all fiat regimes face going forward. Buckle up!” 

The Winklevoss brothers are on the same page regarding Bitcoin. Last week, Cameron’s twin brother and co-founder of Gemini, Tyler Winklevoss, commented on the US Federal Reserve’s economic stimulus strategy having a positive impact on Bitcoin and its pricing on the crypto market. Winklevoss stated that the Federal Reserve had set the stage for BTC’s next bull run. He referred to the fact that the US government is actively printing money in bulk in order to deliver an economic stimulus package to its citizens, to provide pandemic relief.  

Americans Use First-Time Stimulus Check for BTC

What seems to be interesting however, is that according to a report by Coinbase CEO Brian Armstrong, instead of using their funds towards goods and services, many Americans directd their first-time stimulus checks of $1,200 towards investing in BTC funds. 

So despite coronavirus and the economic downfall happening worldwide, things appear to be looking up for the cryptocurrency market. Data points hint that crypto investors’ capital have been on the rise. Furthermore, with the increase in regulatory policies and the clarity of them, the infrastructure of the crypto market has been improving considerably.  

Why Was More Money Involved In the Last BTC Rally?

Researchers looked at two key points to explain why more money has been involved in the latest Bitcoin rally, where the dominant cryptocurrency underwent a huge surge. 

First of all, Tether(USDT), the market capitalization of Tether, the biggest stablecoin on the cryptocurrency market, has surpassed $10 billion in assets. Secondly, Grayscale Investments, the big-time cryptocurrency investment firm, has recently achieved a new high in the Assets Under Management (AUM) department. 

Stablecoin Tether On Top of Its Game

Tether has been up to now the biggest stablecoin on the crypto market. Investors worldwide have therefore relied a lot on the stablecoin to trade crypto. Countries with poor regulatory policies revolving around cryptocurrency regulation have favored Tether, as it is a stablecoin. With the rise in market cap of Tether to $10 billion, this may mean that cryptocurrency exchanges might be on the brink of a huge money influx, with more funds being used on them. 

As to further explain why more money has been involved in the latest BTC bull run, researchers turn towards Grayscale’s crypto-asset trusts as an explanation. The crypto asset trust funds of the large-scale investment firm are arguably the most utilized investment vehicles employed by businesses and networks looking to gain exposure to cryptocurrencies.  

Grayscale Investments Reaches $5.1 Billion

Recently, the assets under management by Grayscale Investments have achieved a new record, reaching an all-time high of $5.1 billion.  

On the subject matter, CEO of Grayscale Investments, Barry Silbert, said that Bitcoin has too much support from US government officials to ever be dismissed and shut down. The CEO thinks that blockchain firms’ success with regulatory policies put forth by officials can be attributed to pro-blockchain groups, such as Blockchain Association. The latter is a group who has advocated for digital firms by appealing to the US Securities and Exchange Commission in the past.

Silbert thinks that the blockchain industry has come a long way, with more and more investors looking at Bitcoin as an interesting hedge. In a Twitter post, he spoke about his own personal experience with his cryptocurrency investment firm. Silbert said that in 2013, when his company launched a Bitcoin investment fund, everyone thought they were crazy. “Well, look at us now…,” he added. 

This Week’s Bitcoin Bull Run

Overall, projects and companies in the Bitcoin and crypto industry seem to be increasing in quality. With the latest Bitcoin rally that happened earlier this week, there seems to be an indication that the cryptocurrency industry is on the rise.  Bitcoin surged past the $10,000 mark on Monday, creating a buzz in the financial industry. 

CEO of financial consultancy firm deVere Group, Nigel Green, was even bold enough to state that the cryptocurrency is set to potentially “knock gold from its long-held position” of being a safe-haven asset. 

Image source: Shutterstock

Bitcoin on Showtime: Winklevoss Biographer Writes BTC Mining Plot for Billions

Sunday’s episode of the Showtime series Billions featured a cryptocurrency mining scheme being executed in a prep school.

The Bitcoin focused episode was written by Ben Mezrich, who also wrote the book Bitcoin Billionaires which tells the story of the Winklevoss twins, the venture capitalist’s behind the Gemini crypto exchange who are reported to own about 1% of Bitcoin’s total supply between them.

Mezrich teased the episode on Twitter:

Beg, Bribe, Bully

The episode entitled “Beg, Bribe, Bully” told the story of Gordie Axelrod, son of the shows main character Bobby Axelrod. Gordie is a prep school student operating a Bitcoin mining farm in his dormitory who gets in trouble when the principal of the school accuses him of damaging the school’s electrical supply.

According to the show, Gordie’s mining operation did require almost 24 kilowatts per hour for the infrastructure but he insists that the school’s power is damaged by a power surge.

Billions and Bitcoin

The episode marks the second time this season that Billionaires had featured a Bitcoin plot.

The premier episode this year also focused on cryptocurrency mining but at an illegal Bitcoin farm.

The episode drew huge reactions from the cryptocurrency community and even applause from CZ Changpeng Zhao of Binance himself.

Bitcoin Billionaires Movie to Tell the Winklevoss Twins’ Story

The Winklevoss brothers have teamed up with Stampede Ventures to bring their best-selling biography, ‘Bitcoin Billionaires’ to the big screen.

Stampede Ventures has teamed up with the Winklevoss Twins to produce a feature film adaptation of the bestselling non-fiction book Bitcoin Billionaires by Ben Mezrich. The production company owned by Greg Silverman will produce the film with Cameron and Tyler Winklevoss.

The Winklevoss Twins and Ben Mezrich

The Winklevoss twins first encountered writer Ben Mezrich when he approached them for research on his book The Accidental Billionaire, which was the foundation of the Oscar-winning film The Social Network. The bestseller and film was based on their infamous legal battles with Mark Zuckerberg, who they alleged stole the idea for Facebook from them.

Bitcoin Billionaires was written in 2019 and is Mezrich’s follow-up to The Accidental Billionaire. The story chronicles the Winklevoss Twins post-Facebook battle, as they strike gold a second time by becoming the first identifiable Bitcoin billionaires in the history of cryptocurrency.

Following a court ruling in the legal battle against Zuckerberg, the brothers were finally awarded $65 million settlement for their claims. The Winklevoss’ invested $11 million of their settlement into Bitcoin (BTC) in 2013 and became the world’s first crypto billionaires in 2017 when the Bitcoin price began to gain exponentially.

According to the report published on Deadline, Silverman will produce the movie along with Jon Berg, who is best known for his work with the DC superhero blockbuster Wonder Woman.

Gemini Eyes Singapore Expansion With New Asia Pacific Managing Director

The Gemini crypto exchange has set its sights on an expansion into Singapore with the appointment of a Managing Director for the Asia-Pacific region.

The Gemini crypto exchange, owned and operated by the Winklevoss’ Twins, has set its sights into a further expansion into the Asian market with the hiring of Jeremy Ng as Managing Director for Asia Pacific. Ng was formerly the CEO of Leonteq Asia.

According to the Singapore 2019 Payment Services Act, any exchange operating within the country must have at least one Singaporean citizen or permanent resident serving on its board of directors. The appointment of Ng will now allow Gemini to apply for the license through the official channels.

According to the release, Ng will report directly to Gemini’s President Cameron Winklevoss and will be responsible for the overall strategy and team setup in Singapore and Southeast Asia. 

“Southeast Asia is an important part of the crypto movement. The Monetary Authority of Singapore has developed thoughtful regulation that is paving the way for further adoption and innovation. We look forward to building a presence in this major Fintech hub and the Asia Pacific region with Jeremy leading the way,” said Cameron Winklevoss, President of Gemini. 

Gemini’s Ever-expanding Exchange

The Winklevoss twins’ crypto exchange Gemini is the next step in the unbelievable success story of the brothers – who appear to be lightning rods for success and unbelievably good ideas.

As made famous by the film, “The Social Network” – brothers Tyler and Cameron Winklevoss came up with the idea for Facebook and enlisted the help of Mark Zuckerberg, who had the technical prowess, to create it.

Following a court ruling in the legal battle against Zuckerberg for the rights to Facebook, the brothers were finally awarded a $65 million settlement for their claims. The Winklevoss’ invested $11 million of their settlement into Bitcoin (BTC) in 2013 and became the world’s first crypto billionaires in 2017 when the Bitcoin price began to gain exponentially.

Since then the hits have just kept coming as the Winklevoss’ appear to move from one good idea to the next and established the Gemini cryptocurrency exchange in 2014 to empower other individuals through cryptocurrency.

With more than 250 employees, Gemini is now ramping up its global footprint. The appointment of Ng for their Asia Pacific expansion is just the latest addition to an incredibly accomplished group of senior leaders who have already joined Gemini, including Julian Sawyer who is heading up Gemini Europe’s expansion as well as Noah Perlman as Chief Compliance Officer, David Damato as Chief Security Officer, Sydney Schaub as General Counsel, Jeanine Hightower-Sellitto as Managing Director, Operations and Robert Cornish as Chief Technology Officer.

Coinbase, Gemini, Binance & Kraken Address Twitter Hack: "Repercussions for Bitcoin Could’ve Been Worse"

Twitter has never in its history experienced as big of a security breach and crypto hack scam as the one that happened earlier this week.   

The Largest Twitter Security Breach in History

Numerous high-profile accounts ranging from political figure Joe Biden to multi-billionaire Bill Gates were compromised. Coin exchanges, such as Gemini, Coinbase, Bitfinex and more were also targeted.  Last but not least, hackers also seized the verified Twitter accounts of celebrities such as Kanye West and Kim Kardashian in order to fund their Bitcoin digital heist. 

The Bitcoin thieves managed to accumulate more than $100, 000 worth of BTC, but further investigations suggested that they could have gotten away with an even larger digital sum – at least $300,000 more of Bitcoin tokens, to be exact. 

Coinbase to the Rescue

Coinbase chief security information officer Philip Martin spoke up regarding the Twitter hack attack and said that the coin exchange had picked up on the unusual amount of mass Bitcoin transfers minutes into the ongoing scam, taking matters into their own hands and intervening quickly.  He said that a minute into the scam attack, the US crypto exchange noticed the unusual tweets happening on the Gemini and Binance platform. 

Taking matters into their own hands, Coinbase, the largest US crypto and Bitcoin exchange around the world, quickly prevented more than 1000 Coinbase customers from sending a total of 30.4 Bitcoin.  That would have translated to $280,000 in fraud, a significant financial repercussion. It also turned out that the crypto exchange was next in the line in the list of targets the Bitcoin hackers hit. 

According to Martin, only 14 Coinbase users were able to send crypto funds to the scam Bitcoin address, before security measures were activated. The 14 Coinbase users transferred around $3,000 worth of Bitcoins before the illegal crypto wallet address was blacklisted by Coinbase. 

Bitcoin Exchanges Present a United Front

Other Bitcoin exchanges, such as Gemini, Kraken, and Binance, all confirmed that they had also prevented crypto assets from flowing into the hackers’ digital address. However, their combined users did not send nearly as much Bitcoins as did Coinbase users. Chief Executive Officer of Kraken, Jesse Powell, expressed through writing, regarding the Twitter security breach: 

“This hack shows that security is about layers of protection. Somebody has to be watching the admins and setting up alerts to watch for these vulnerabilities.” 

Collaboratively, the crypto exchanges managed to blacklist the Bitcoin addresses used by the unknown schemers, exerting damage control from their side. 

One of the twin founders of the Gemini crypto exchange, Cameron Winklevoss, addressed the privacy breach and assured his crypto clients,  saying that the Gemini account was protected by a two-factor authentication step and that it used a strong password. However, due to the compromise, investigations are still being conducted and further updates will be provided later on.

Investigative Reports: Who are the Fraudsters? 

On Twitter’s end, the social media platform was reported to have restricted access to all verified accounts. Tweets were suspended temporarily, as the social platform worked on fixing the breach.  

Officials are still investigating the case in further detail. The fraudsters’ identities have not yet been revealed, but investigators have uncovered that the operation might have been an “inside job.”

An employee must have provided high-security internal admin access and detail for the scammers to pull off such a large-scale stunt. Officials are working on tracing the hacking activity. 

Gemini Co-Founder Winklevoss Thinks BTC Is Set For Its Next Bull Run, With the Fed's Money Printing

Co-founder and CEO of Gemini crypto exchange Tyler Winklevoss thinks that the US Federal Reserve’s economic stimulus strategy would positively impact Bitcoin and its pricing on the crypto market. 

Winklevoss Likes That the US is Printing Money

On July 22, the Bitcoin investor tweeted on his social platform:  

“The Fed continues to set the stage for bitcoin’s next bull run.”  

He referred to the Federal Reserve’s ongoing search for a key strategy that would help in salvaging the economic repercussions caused by the pandemic and the solutions that the US have been considering.  

The Winklevoss twin thinks that with the Federal Reserve printing money in the goal of delivering an economic stimulus package, this financial phenomenon only means good things for Bitcoin (BTC). In fact, Winklevoss thinks that the more the Federal Reserve prints fiat, the more it will drive up the price of BTC on the crypto market. Also, with the current economic turmoil, investors will be more motivated with looking at Bitcoins as an alternative investment solution, in comparison with traditional mainstream markets and fiat dollars. 

COVID-19: A Puzzle US Economists Are Working On

In light of the pandemic, the United States government has been scrambling to figure out when to roll out stimulus checks and what the best stimulus package would be. Economists have long used alphabets like V and U when describing successful economic recoveries. However, with the pandemic downturn being truly a one-of-a-kind case scenario, economists are now saying that they may need to use new shapes to illustrate the potential recovery process. 

Despite all the frenzy caused by COVID-19 and the worldwide economy taking a huge hit, Tyler Winklevoss puts a positive spin to things. The philanthropist tweeted: 

“When money printer go brrrr and inflate the stonks market, it’s time to bitcoin.” 

Tesla CEO Not with Winklevoss On Stimulus Money 

Not everyone shares the Gemini co-founder’s positive views, however. Elon Musk, though claiming to own a bit of Bitcoin himself, did not publicly comment regarding the parallel between Bitcoin and US central bank’s stimulus support strategy. 

The Tesla CEO however did appear on Joe Rogan’s podcast channel earlier this year and shared his two cents regarding the US’ strategy for stimulus money printing. Musk reasoned that given the fact that the US is endlessly printing stimulus money to give back to Americans and small businesses operating in the country during the lockdown, the American population might start taking the stimulus situation for granted and view the government as an endless source of financial support.

In that sense, he fears that key considerations resulting from the pandemic, such as loss in production and rising unemployment, may not be taken seriously at all and may occupy a backseat role. 

USA Proceeds Forward with Stimulus Package 

Federal Reserve officials are planning on moving forward with the economic stimulus, and they are expected to discuss policies pertaining to the topic next week. However, they have expressed their flexibility in leaving the economic policy on hold, as they are still constantly uncovering new information about COVID-19’s impact on the US economy. 

Bitcoin Wakes Up from Slump and Surges, While Gold Rallies

Bitcoin, often dubbed “digital gold” by crypto enthusiasts, has just recently surged past the $10, 000 mark, after months of being in a slump.

Bitcoin’s Groundbreaking Bull Run 

As the value of the USD has been depreciating with the mass printing of stimulus checks deployed by the US government for pandemic repercussions relief and with gold finally responding with a price rally, Bitcoin (BTC) has finally gained some bullish traction on the crypto market.   

The cryptocurrency has been hovering around the low $9000s in value for the longest time and had received a lot of criticism from big players in the crypto industry. Binance CEO Changpeng Zhao (CZ) had commented on it earlier last month and said that he was unsure what it would take to bring Bitcoin out of its slump. However, he did add that maybe time would change the game for BTC, and it seems as if his prediction came to life.  

USA’s Part In BTC Bull Run 

With the USD being printed in bulk by the US government in the goal of delivering a second round of stimulus packages to the population, many investors have switched to cryptocurrencies as a hedge.   

In fact, it was even reported by crypto exchange Coinbase that many Americans had used the first stimulus check of $1,200 USD delivered by the government towards investments in BTC. Crypto advocates tout Bitcoins and altcoins as a means to protect their wealth from government procedures such as economic stimulus packages, which are often regarded as inflationary.  

Before the bullish surge on July 26, Bitcoin had been reported to be stagnant for weeks on end, its value remaining average and uninteresting for crypto market watchers.  

Bitcoin As An Alternative Investment 

The largest digital token in the crypto world experienced a surge of as much as 15%, recording a groundbreaking $10,944 in value, its highest price since last August. The rally escalated after BTC breached $10,500.  

Chief Market Strategist at Miller Tabak + Co. Matt Maley commented on Bitcoin’s bullish run:  

“It’s attracting the momentum players. And of course, the momentum players play such a big role nowadays that it’s giving bitcoin the big move.”  

Gemini CEO Winklevoss Backs Bitcoin 

One renowned momentum player, Tyler Winklevoss, is one that has been a Bitcoin advocate for quite some time.

The co-founder and CEO of crypto exchange Gemini had publicly stated that Bitcoin is an interesting hedge and advocated that BTC is set for its next bull run, with the US Federal Reserve printing money as an economic stimulus strategy and the USD consequently depreciating for the time being.

Cryptocurrency Adoption Is Growing, But US Needs To Adopt A Solid Blockchain Policy

In order to be ahead of other countries in the ever-growing industry of blockchain, the US needs to come up with an enforceable and consistent blockchain policy.  

Blockchain Industry Is Changing

With the current focus on technology moguls and the growing competition within the industry, including the recent July 2020  antitrust hearing of the “Big Four” tech companies and US Congress, coming up with an established blockchain policy is very important for the crypto community to grow. Also, it will enable US to stay in the lead, making it not only the trading monopoly of the world along with China, but also the leader in blockchain industry.  

The Importance Of a Good Underlying Blockchain

With the rising popularity of cryptocurrency investments and the recent Bitcoin bull run, a good blockchain infrastructure is considered essential and crucial by many investors in the field. Digital dollars, cryptocurrencies and tokenization all rely on the blockchain ecosystem. However, that is merely the beginning of what blockchain can do for the economy at large. 

For the benefits of blockchain technology to be reaped by global economy and for the advancement of mainstream adoption of cryptocurrencies, a blockchain policy needs to be developed and enforceable at the national level.  

Bitcoin and Ethereum Race

Bitcoin and Ethereum, the two biggest names in the cryptocurrency market, have both been having good bull runs lately.  Ethereum has plans of updating their blockchain ecosystem and launching Ethereum 2.0 mainnet, which is said to have bigger data capacity. 

Another key feature of Ethereum 2.0 is that it will run on a Proof-of-Stake consensus algorithm instead of the current Proof-of-Work Ethereum mainnet. This will enable users in the Ethereum network to lock up their accumulated digital coins and get paid for helping secure the blockchain.   

Bitcoin Surges Ahead Bullishly

As for Bitcoin, the cryptocurrency recently surged in pricing on the market, passing the $10, 000 mark. This was exciting for many crypto investors, including Gemini CEOs Tyler and Cameron Winklevoss. The cryptocurrency experienced a surge of as much as 15%, which is groundbreaking, as it is the highest price since last August. 

In order for cryptocurrencies to continue being popularized, to attract more investors and to draw people away from traditional markets, a clear, concise and understandable blockchain policy must therefore be established.  

The leading countries in crypto – USA, China, Singapore, among others – are therefore in a neck-to-neck race as to see who will be the first to instill one. 

Bitcoin Price Bull Run Intact Despite $1700 Price Dive on Sunday

The Bitcoin price went on a wild ride over the weekend, with the bulls pushing the Bitcoin price up to $12,100 before the world’s biggest cryptocurrency plunged back to $10,640 within a matter of minutes.

The cryptocurrency world was at attention last week as the Bitcoin price surged past $11,300 on Monday July 27 after months of little price action. Over the weekend, things got more interesting as the Bitcoin bulls pushed the Bitcoin price past $12,100 on Sunday, only to see it lose 13 percent half an hour later and fall to $10,640.

In an article by Bloomberg on August 2, Rob Sluymer, Technical Strategist, Fundstrat Global Advisors LLC suggested that despite dropping $1700 in a few minutes, the Bitcoin market will continue on its bull run after needing a correction from being overbought. He added that the Bitcoin price is in for some interesting movements in the short term.

Sluymer said, “Clearing resistance at $10,000-$10,500, which coincided with the downtrend line from the late 2017 highs and first-quarter 2020 highs, established a higher high for Bitcoin confirming a new tactical uptrend.” He added, “In the short-term Bitcoin’s daily momentum indicators are overbought (as they are for gold), but beyond some very near-term choppy trading, Bitcoin is likely to continue to trend to its next resistance level at $13,800.”

A popular cryptocurrency trader Scott Melker appeared to agree with the overbought assessment and highlighted that there were many indicators prior to the drop. Melker said that after such a strong Bitcoin price rally in a short period, the market was bound to stabilize from being overbought.

Melker said in a tweet: “A $1700 BTC hourly candle (mostly in a few minutes) on extremely high volume, including a similar sell-off on ETH in the middle of the night? Cool. There were bear divs everywhere as I mentioned.”

Buckle Up Says Winklevoss

Since Bitcoin plunged to almost as low as $4000 in the March Black Thursday crash, the Bitcoin price quickly recovered to around $9000 in May—where the price would slowly rise for the following months often stagnating.

While the Bitcoin price action has been less than interesting until last Monday, the drop in volatility, as well as the Bitcoin price recovery since the crash, has added to institutional investment interest and maturity toward Bitcoin. In a recent tweet, Cameron Winklevoss stated that it was for reasons like the influx of capital from mainstream investors and institutions that this coming Bitcoin bull run will be dramatically different to any seen before.

Compared to previous bull markets, the billionaire crypto philanthropist Winklevoss said that with the rise of infrastructure, the influx of capital, and better projects at hand, Bitcoin price is set for its next bull run: 

Winklevos tweeted, “The next Bitcoin bull run will be dramatically different. Today, there’s exponentially more capital, human capital, infrastructure, and high-quality projects than in 2017. Not to mention the very real specter of inflation that all fiat regimes face going forward. Buckle up!”

Winklevoss Sees US Stimulus Negotiation Fail as a “Wakeup Call And an Endorsement of Bitcoin”

Bitcoin billionaire Cameron Winklevoss thinks that this is the perfect opportunity to invest in Bitcoin, as the dollar keeps depreciating and US politicians are unable to reach a consensus on a stimulus package budget. 

US Struggles to Set Budget for COVID-19 Relief

The US has been planning on releasing the second round of stimulus checks to provide economic relief during the ongoing coronavirus pandemic. On Thursday evening, senior administration officials of Congress and the Democratic party got together to discuss the budget for the second round of economic relief they are looking to provide, but both sides were unable to reach an agreement following a three-hour meeting. 

Politicians on both ends were not able to reach an agreement on a price tag for the stimulus package, with Democratic representative Pelosi demanding a budget of $3.4 trillion. Republicans have evidently not consented to this, and it is unclear when US Congress will roll out a definitive number. 

Winklevoss Backs Bitcoin 

Bitcoin billionaire Cameron Winklevoss addressed the politicians’ inability to reach an agreement and said that it was a wakeup call to diverge from fiat and invest in Bitcoin. The co-founder and CEO of the crypto exchange giant Gemini took to his Twitter platform and said: 

“The US dollar has become such funny money that politicians are now ‘trillions of dollars apart’ in stimulus negotiations. Remember when a billion was a big number? If this isn’t a wakeup call and an endorsement of #Bitcoin, I don’t know what is.” 

Attributing much of his financial success to Bitcoin, the billionaire has in the past also been very vocal about his views regarding Bitcoin and a strong advocate of the “digital gold” cryptocurrency. 

He thinks that with the depreciation of the US dollar due to mass printing for COVID-19 relief, Bitcoin is the way to go in terms of investment. Winklevoss is anticipating the next Bitcoin bull run, as the crypto industry is ever-changing and he thinks that the capital, infrastructure, and projects revolving around crypto are more innovative and advanced than before. 

Bitcoin is currently valued to be around $11,800 in market capitalization, but crypto enthusiasts are avidly monitoring it for its next surge.

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