Cameron Winklevoss: Bitcoin will witness a historic "inflection point" thanks to Covid-19

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Bitcoin (BTC) will witness a historic "turning point" in its life thanks to coronavirus, entrepreneur Cameron Winklevoss stated.

In a series tweet On April 12, co-founder of cryptocurrency exchange Gemini, emphasized the importance of Covid-19 to Bitcoin and its users.

Cameron Winklevoss: Hodl your BTC

"This pandemic will be a turning point for Bitcoin and the entire universe," he wrote on Twitter.

Winklevoss advised his Twitter followers to "HODL" BTC, he implied that Bitcoin's public profile would undergo a transformation under current conditions.

The optimism of the crypto billionaire also coincides with the thoughts of other industry celebrities. They argue that Bitcoin was born from the previous financial crisis, where economists say it is less serious than coronavirus.

Markets have appeared to confirm that theory. As Toiyeubitcoin reported, unprecedented money-printing actions by governments around the world only partially salvaged the performance of the stock market, which could not immediately recover and remain at a loss. as of now.

Macro asset returns since April 13. Source: Skew
Macro asset returns since April 13. Source: Skew

Analysts say cutting oil is "not enough".

In contrast, oil soared again this week after OPEC + countries reached an agreement to cut output by about 10%. However, there are signs that that's not enough.

According to data from Bloomberg, the so-called oil contango - a price structure that signals an oversupply of a commodity, has continued to rise despite the recent deal.

"The supply and demand situation is too great and the market's interpretation of this deal is not enough," Andy Lipow, president of Lipow Oil Associates LLC, told Bloomberg on Monday.

However, Bitcoin is still somewhat affected by traditional markets, which analysts hope it will continue to fade as attention is focused on the block reward halving event next month.

Unlike oil, the BTC / USD pair has never been overcharged as in hours in the near future halving, according to statistics last weekend. Bitcoin's 12-month relative strength index (RSI) is currently near its all-time low.

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According to CoinTelegraph
Translated by ToiYeuBitcoin


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