Tyler Winklevoss tweeted his support for bitcoin in response to investors questioning the value of owning cryptocurrency and gold.
Jake Chervinsky of the algorithmic interest rate protocol Compound Finance published a tweet on May 12 saying he was considering investing in gold in addition to bitcoin.
For the first time, I'm starting to wonder if it's worth owning some gold in addition to bitcoin. 🤔
— Jake Chervinsky (@jchervinsky) May 12, 2020
Chervinsky explained his interest in precious metals came in response to the US Treasury’s plan to borrow more than $3 trillion in order to finance COVID-19 relief programs.
Today's announcement of a $3T money printing plan seems to be waking people up to the possibility of stagflation. The elder generation still isn't on board with bitcoin. I've never particularly liked gold, but maybe that's where risk-averse money goes. And diversifying is good.
— Jake Chervinsky (@jchervinsky) May 12, 2020
Shapeshift CEO and long-time cryptocurrency supporter Erik Vorhees replied to Chervinsky’s original tweet, saying that “owning gold is very smart.”
Owning gold is very smart
— Erik Voorhees (@ErikVoorhees) May 13, 2020
The Twitter thread sparked the interest of Tyler Winklevoss, who jumped in with his own support of bitcoin.
Owning bitcoin is very very smart.
— Tyler Winklevoss (@tylerwinklevoss) May 13, 2020
Tyler, who is the co-founder and CEO of cryptocurrency exchange Gemini, is reported to have a net worth of over $1 billion alongside his partner and twin brother Cameron. The Winklevoss twins allegedly amassed 1 percent of the total supply of bitcoin in 2013 when the price was still trading for under $100.
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