- Tyler Winklevoss, the co-founder of the US-based cryptocurrency exchange Gemini, believes that the US stimulus packages are a “code for buy Bitcoin.”
- The former business partner of Facebook founder Mark Zuckerberg commented on a speech by the US Federal Reserve Chair Jerome Powell.
- In it, Powell said that the “current economic downturn is the most severe in our lifetime, and it will take a while to get back to the levels of economic activity and employment that prevailed at the beginning of this year.”
- Furthermore, Powell predicted that the financial markets and the economy would benefit from further stimulus packages. “I think we’ll have a stronger recovery if we can just get some more fiscal support when it’s appropriate… the size Congress thinks is appropriate,” he added.
- Winklevoss is among the believers that such outcomes would ultimately benefit Bitcoin. While the US government has printed an excessive amount of the world’s reserve currency since the COVID-19 outbreak, BTC’s market cap remains fixed at 21 million ever to exist.
- Tyler’s twin brother Cameron said earlier this year that the Fed “continually hacks the US dollar” with its actions, which could have disastrous consequences for its value.
- However, it’s worth noting that as hopes increase for a quick vote for the next stimulus package, Wall Street has enjoyed its best trading week since April this year. The cryptocurrency market has also surged in the past few days, but it remains unclear if it’s correlated with the stimulus news.
Featured Image Courtesy of Vanity Fair