Back

Even Tyler Winklevoss Is Backtracking on Bitcoin as ‘Digital Gold’

author avatar

Written by
Rick D.

editor avatar

Edited by
Kyle Baird

15 March 2020 17:20 UTC
Trusted

Bitcoin has had what was emerging as its dominant value proposition tested in the last week or so. Unfortunately, it looks like it failed to demonstrate itself as a reliable hedge against some of the most extreme global market volatility in recent times.

So, what of those who championed Bitcoin as a rock-solid store of value and digital form of gold? Well, some have started to backtrack on the optimism they once showed for “Bitcoin: the safe haven.”

Bitcoin BTC Gold

Sponsored
Sponsored

Tyler Winklevoss: Ok, Bitcoin Isn’t Quite Digital Gold

In the wake of the market plunge that saw Bitcoin shed more than $60 billion from its market capitalization in less than 24-hours, it seems some of the cryptocurrency industry’s more prominent personalities may have previously gotten a little ahead of themselves.

As pointed out in the following tweet by Twitter user ₿artholomew (@Username_Bart), Tyler Winklevoss, a co-founder of the Gemini exchange, is among them. Winklevoss has confidently claimed Bitcoin as “gold 2.0” in the past, arguing that it “beats gold across the board.”

The left hand tweet is from 2019, prior to the recent market carnage. The right hand one is from March 13, immediately following the plunge.

Sponsored
Sponsored

https://twitter.com/Username_Bart/status/1238690573831114753

As you can see, Winklevoss was forced to do a spot of backpedaling. He now claims that “bitcoin isn’t gold 2.0.”  Despite going on to state that it’s an early part of Bitcoin’s story, Winklevoss himself admits that Bitcoin is struggling for a value proposition.

Industry Core Largely Divided by Dramatic Drops

Although Winklevoss’ tweet with its “just how early it is” sign-off seems intended to be optimistic for followers, his questioning of Bitcoin’s use shows clear doubt. As BeInCrypto reported recently, others too have asked if investors will ever be able to trust Bitcoin after a 50 percent swing in just a single day.

However, other industry professionals believe that cryptocurrency markets are far from done. Lina Seiche, the marketing director at BTSE.com, reasons that central bankers’ responses to the selloffs in wider markets and economic downturn prompted by the coronavirus will benefit Bitcoin.

Sponsored
Sponsored

As many others have prior to the recent crash, she maintains that Bitcoin still stands to gain as the Federal Reserve and others print trillions of dollars to stimulate failing economies:

Similarly, popular YouTuber Ivan on Tech stated that the market plunge may well represent a great Bitcoin buying opportunity. Borrowing parlance from the legendary investor and prominent Bitcoin naysayer Warren Buffett, Ivan reasoned that the “Extreme Fear” running through the market was an opportunity to be greedy in terms of investing in the industry:

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.