In brief:
- The Co-Founder of Gemini Exchange, Cameron Winklevoss, has pointed out that Bitcoin (BTC) has been hiding in plain sight for over a decade.
- Mr. Winkelvoss was responding to news that Quantitative Easing was likely to continue with US House Democrats asking for Trillions of Dollars in a second stimulus bill.
- For over 10 years, Bitcoin has been available as a hedge from such practices that will ultimately lead to inflation.
The need for Bitcoin (BTC) and other digital assets has never been clearer than now as The Fed and other prominent global central banks continue on their money printing to cushion their respective economies from the effects of the Coronavirus. Keen investors have already hedged for inflation using Bitcoin (BTC) and precious metals such as Gold.
US House Speaker, Nany Pelosi, Wants Trillions in Another Stimulus Bill
The Quantitative easing by the US Fed looks set to continue as long as President Trump is in power. Furthermore, there have been murmurs of a possible second stimulus bill by the US Congress that could run into the Trillions.
On the 9th of June, it was reported that the speaker of the US House of Representatives, Nancy Pelosi, was confident that Congress would pass a second stimulus bill that could run into the Trillions and higher than the May relief package of $3 Trillion.
Bitcoin has Been Hiding in Plain Sight For Over A Decade
It is with this background of a possible second stimulus bill, that the Co-Founder of the Gemini Exchange, Cameron Winklevoss, pointed out via Twitter, that the continual money printing could only be hedged by owning Bitcoin (BTC).
A trillion more reasons to own bitcoin.https://t.co/v9HpcqmyFL
— Cameron Winklevoss (@winklevoss) July 10, 2020
He also pointed out that Bitcoin has been in existence for over 10 years as he responded to a comment highlighting the fact that not too many regular investors are aware that they can hedge against inflation using Bitcoin.
Bitcoin has been hiding in plain sight for over a decade.
— Cameron Winklevoss (@winklevoss) July 10, 2020
Bitcoin’s Barriers Towards Mass Adoption
One is then left with the question of why the mass adoption of Bitcoin is not at a fever pitch given the current global economic climate.
To begin with, Bitcoin has long had a ‘bad reputation’ of being a Ponzi or fool’s gold. Even Warren Buffet once called Bitcoin ‘rat poison square’. These harsh words from a legendary investor confirm that not too many people understand the concept of digital money and/or transactions on a peer to peer level.
Secondly, owning and trading Bitcoin requires some technical know-how thus leaving the task to more tech-savvy individuals between the ages of 13 and 35. However, there is hope on the horizon as traditional institutional investors, such as Grayscale, are providing BTC based investment products. Furthermore, the recent direct endorsement of Bitcoin by Paul Tudor Jones has led to many boomers considering Bitcoin as an investment option.
Conclusion
Summing it up, the money printer by the Fed and other global central banks will continue to go ‘Brrrrrr’. The continual money printing is surely to cause inflation and Bitcoin will provide the perfect hedge against such a possibility.
Additionally, and as pointed out by Cameron Winklevoss, BTC has been around for over a decade…hiding in plain sight. Therefore, it might not be too late to grab a few Satoshis as a hedge against the money printer continuing to go Brrr.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
