Bitcoin Billionaire Says There Are Now 17,000,000,000,000 Reasons to Buy BTC
Gemini co-founder Cameron Winklevoss thinks the skyrocketing level of global stock held in negative interest bonds is a boon for Bitcoin.
Winklevoss and his twin Tyler became billionaires by buying into BTC early, when it was worth around $8.00. Cameron thinks it’s still smart to invest in the currency, in part due to the some $17 trillion held in negative-yielding debt.
$17 trillion dollars are currently held in negative interest bonds. 17 trillion reasons why you should own bitcoin.
— Cameron Winklevoss (@winklevoss) October 17, 2019
Banks, insurance companies and pension funds have all relied on bonds as a great way to store wealth. With negative interest bonds, however, investors will pay more for a premium than they’ll actually earn in interest over the life of the bond – making the investment a money loser.
A year ago, there was only $6.5-7 trillion held in negative-yielding debt. The massive increase to $17 trillion has sparked fears of a bond bubble.
Twitter followers responding to Winklevoss contrasted the gargantuan amount of wealth in negative interest bonds with what’s currently invested in Bitcoin.
Indeed. Preach.
— Cameron Winklevoss (@winklevoss) October 17, 2019
And that $17 trillion figure could continue to grow.
That’s right — and growing!
— Cameron Winklevoss (@winklevoss) October 17, 2019
Reports Bloomberg,
“With recession signals flashing around the globe—such as the inverted Treasury yield curve—and with a trade war between the U.S. and China heating up, there are arguments for the stock of negative-yielding debt to keep expanding.”
Some Twitter commentators argued that parking that kind of wealth in Bitcoin would be “a huge challenge.” Winklevoss, however, countered that it’s easy to open up a crypto account.
What challenges are you referring to…you can open an account on an exchange in <2min
— Cameron Winklevoss (@winklevoss) October 17, 2019
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