Per Bloomberg, Tyler and Cameron Winklevoss, founders of the Gemini crypto exchange, had their fortune more than double to hit a combined $1.45 billion following the fresh crypto market surge.
As early investors in bitcoin, the twins’ wealth now stands at its highest since March 2018 and has soared 120% from $654 million as of January this year. The current bitcoin bull-run has restored the twins to ‘bitcoin billionaires’ again.
As Bitcoin’s price ascent continues people have been likening it to the BTC’s historic bull run of winter 2017.
Qiao Wang, director of product at crypto data startup Messari in an email to Bloomberg said:
“…confidence is certainly returning. The difference between now and the last time Bitcoin reached $13,000 is that the market is currently far more rational.”
Wang proposed that the cryptocurrency’s strong performance is in part driven by macroeconomic and geopolitical developments. He cited the devaluation of the Chinese yuan and the United States Federal Reserve’s anticipated pursuit of an expansionary monetary policy agenda as two points. Wang added:
“Bitcoin is digital gold and a hedge against inflationary economic crises. If investors believe in this thesis, they should slowly accumulate Bitcoin and hold it for years to come. They should not go all-in or trade frequently.”