Tyler Winklevoss, the co-founder of Gemini, reiterates family stands that Bitcoin (BTC) is akin to gold 2.0 due to its store of value.
The other half of the Winklevoss twin stated his opinion of the cryptocurrency on Twitter. He tweeted that bitcoin is gold 2.0, matching or even beating it across the board. He pointed out that bitcoin’s market cap stands at ~140bil while gold’s market cap was at ~7tril.
Tyler’s idea can be supported by data. Grayscale Investments acknowledged that BTC is a scarce resource, has a cap of 21 million units, is decentralized, portable, and can’t be confiscated. On the other hand, there’s an unlimited supply of gold, it’s hard to divide and move, and there are purity issues.
Bitcoin Over Gold for Younger Generation
Tyler’s sentiment echoes what his twin brother Cameron said during this year’s SXSW conference. The Gemini co-founder revealed during the event that the only thing he considers precious in his mind is bitcoin. He said that people from his parent’s generation would likely think that he’s crazy and he accepts that, but he said someone who plays Fortnite would definitely pick bitcoin over gold if given the option. He emphasized that the younger set “want software, they don’t want hardware.”
The Winklevoss twins are prominent figures in the cryptocurrency niche, but they’re not the only renowned investors who believe that Bitcoin is the digital version of a gold bar. Barry Silbert, Mike Novogratz, and Thomas Lee have more or less said the same.
Silbert said in February that whatever funds are in gold won’t stay in gold. He explained that the majority of the money that gets handed down to millennials will go into bitcoin as they’re more suited to the new generation.