Ongoing unprecedented US dollar printing by Federal Reserve has led many to wonder whether the US dollar can survive unscathed. While some folks believe the implications might not come for years since the dollar still has considerable dominance, others believe the dollar has already lost much of its luster. The co-founder of crypto exchange Gemini, Tyler Winklevoss, also took to Twitter to call out the Fed’s unlimited printing of the US dollar.
Bitcoin has much more meaningful value than the US Dollar.
Tyler Winklevoss shared his thoughts on the latest market correction, which came on the heels of idle speculation that Satoshi is selling his vintage bitcoins. In response to another tweet, Gemini co-founder explained that bitcoin took a nosedive after the Satoshi rumors on Wednesday. It shows “how much more meaningful the value of bitcoin is compared to the US dollar.” Winklevoss further noted that investors care when 40 BTC is moved from a long-dormant account but do not care when the Fed prints trillions of “toilet paper“ as they are now desensitized.
Or this demonstrates how much more meaningful the value of bitcoin is compared to the U.S. dollar. People care when 40 bitcoin move, but don't blink when the Fed prints trillions of rolls of toilet paper because they're desensitized and have lost count. https://t.co/WcfflRezlc
— Tyler Winklevoss (@tylerwinklevoss) May 21, 2020
Bitcoin continues to hover around $9,000.
At the time of writing, the price of bitcoin is currently trading at just above the $9,000 mark. The short term prediction for the leading cryptocurrency is bullish. In another tweet on Thursday, Tyler Winklevoss also observed that some governments could soon drop gold in favor of the bitcoin. This came as reports surfaced that Venezuela has sued the Bank of England after it refused to release the gold reserves it held on its behalf estimated to be worth $1 billion. Winklevoss believes this conflict between the Bank of England and Venezuela could force some governments to rethink their gold strategy in favor of the leading cryptocurrency, which is decentralized and unconfiscatable.