RATE Group | Bitcoin & Gold ‘Are Doing the Same Thing’ in Coronavirus Crisis: Pomp
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Bitcoin & Gold ‘Are Doing the Same Thing’ in Coronavirus Crisis: Pomp

14 Mar Bitcoin & Gold ‘Are Doing the Same Thing’ in Coronavirus Crisis: Pomp

Posted at 09:42h in Bitcoin News by

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On March 14, Tyler Winklevoss, the co-founder and CEO of Gemini and prominent early Bitcoin investor, took to Twitter to defend Bitcoin despite the recent market crash.

In the tweet, Tyler emphasizes that Bitcoin is still in its infancy, stating: 

“If bitcoin isn’t gold 2.0, then what is it? The fact that it’s not acting how you might expect only underscores just how early it is.”

Supporting Winklevoss’ assertion, Anthony Pompliano, the co-founder and partner at Morgan Creek Digital, has attributed the recent crypto market meltdown to a broader liquidity crisis coursing through the global economy. He said: 

“Bitcoin and gold are doing the same thing, just as you would expect them to in a liquidity crisis..they go down. Same thing happened to gold during liquidity crisis of 2008 too.”

As in 2008, the metals markets have suffered enormous losses as a result of the current liquidity crisis, with gold futures falling 4.25% and silver futures crashing 8% in a single day on…

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