Digital Assets: Tyler Winklevoss Predicts Investment “Tsunami” In Bitcoin

October 12, 2020 | Digital Assets, News
https://dailyalts.com/wp-content/uploads/2020/10/bitcoin-4207418_640.jpg

Citing recent corporate investments in BTC, Winklevoss thinks there will be lots more.

Tyler Winklevoss, the famous billionaire and co-founder of Gemini, said in a tweet that there will a tsunami of capital flows into the bitcoin cryptocurrency. He was referring to the recent multi-million dollar investments in bitcoin by MicroStrategy (NASDAQ: MSTR) and Square (NYSE: SQ). (NewsBTC)

A tsunami of capital

 

Between August and September, Nasdaq-listed firm MicroStrategy revealed it had made an investment of $425 million in the cryptocurrency out of its corporate cash reserves.

“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash,” said Michael J. Saylor, CEO, Microstrategy at the time.

Last week, Jack Dorsey’s Square also made a sizable investment of $ 50 million. The amount was equivalent to 1% of its total assets.

“Given the rapid evolution of cryptocurrency and unprecedented uncertainty from a macroeconomic and currency regime perspective, we believe now is the right time for us to expand our largely USD-denominated balance sheet and make a meaningful investment in bitcoin,” the firm said in a whitepaper.

Macroeconomic factors positive for bitcoin

There is a growing groundswell of opinion that the crypto is a good investment on account of fears of high inflation and an erosion in the value of the US dollar, current low yields on bonds, and signs of acceptance by Wall Street.

Investors are also uncomfortable with the current high valuations of stocks and are looking for a diversification alternative that does not have much correlation with the stock market.

Corporate investors

According to Bitcoin.com, which cited statistics from bitcointreasuries.org, some of the major public companies that have invested in bitcoin include:

  • Grayscale Bitcoin Trust
  • MicroStrategy Inc
  • Square Inc
  • Coinshares
  • Hut 8 Mining
  • Argo Blockchain
  • Riot Blockchain
  • Galaxy Digital Holdings
  • Voyager Digital Ltd
  • Cypherpunk Holdings
  • DigitalX

Related Story:   Jack Dorsey’s Square Buys $50M of Bitcoin                                               

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2023/12/AMD_headquarters_santa_clara.624da707519a6.jpg
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…

https://dailyalts.com/wp-content/uploads/2023/12/RHCEU-Inline.jpg
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…

https://dailyalts.com/wp-content/uploads/2023/12/Samsung_UK_Samsung_Pay_Lifestyle_0552-revised-Pictogram-23.11.30-1024x744-1.png
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…

https://dailyalts.com/wp-content/uploads/2023/12/Revaia-founders.jpg
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…