Bitcoin (BTC) gets a historical ‘inflection point’ in his life thanks to the corona virus, says entrepreneur Cameron Winklevoss.
In a series of tweets on April 12, half of the Winklevoss twins who own the cryptocurrency exchange Gemini underscored the importance of Covid-19 for Bitcoin and its users.
“This pandemic will be a turning point for Bitcoin and the Metaverse,” he wrote.
Winklevoss told followers to “hodle” their BTC and suggested that Bitcoin’s public profile would undergo a metamorphosis under the current circumstances.
His optimism reflects that of several well-known industry figures. Bitcoin, they argue, originated from the previous financial crisis, which economists have already said was less severe than the one that will accompany the corona virus.
Markets have already appeared to confirm that theory. Unprecedented money pressures only slowly triggered a mood in the stock markets, which did not rebound immediately and have remained loss-making to date.
Oil, on the other hand, made a comeback this week following an agreement by OPEC + countries to cut production by about 10%. However, there are already signs that this is not enough.
According to Bloomberg data, the so-called contango of oil – a price structure that can signal an oversupply on a commodity – has continued to rise despite the deal.
“The oversupply is just as great, and the market’s interpretation of the deal is that it simply isn’t enough,” Andy Lipow, president of Lipow Oil Associates LLC, told the publication Monday.
However, Bitcoin remains somewhat susceptible to movements in traditional markets, something analysts’ hopes will continue to fade as attention focuses on next month’s halving event.
BTC / USD, unlike oil, has never been as oversold as it is now leading up to a halving, statistics revealed this weekend. Bitcoin’s 12-month relative strength index, or RSI, is currently only three times lower than in its lifetime.