Bitcoin is currently trading almost 50% below its October high of $126,198. If investors last year had known that bitcoin would rise to $120,000, they would have rushed to buy bitcoin at a discount—there would have been an unlimited number of buyers, the businessman suggested.
"AI-powered trading has gifted the world a time machine, allowing people to go back to the past and invest in bitcoin at the $65,000 level. Now is an unprecedented time to buy on the dip. The only question is when bitcoin will return to the future," Winklevoss wrote on social media platform X.
Over the past 24 hours, bitcoin rose 12% to $71,980, with a market capitalization of $1.44 trillion. The daily trading volume of the first cryptocurrency increased by 292%, reaching $66.2 billion.
In 2004, twin brothers Cameron and Tyler Winklevoss sued Facebook founder Mark Zuckerberg, alleging that he copied their idea in developing Facebook. The brothers later settled the case, receiving $65 million in cash and Facebook stock. In 2012, the Winklevoss twins invested part of these funds in bitcoin and became some of the world's first crypto billionaires. In 2014, the twins founded the cryptocurrency exchange Gemini.
Last week, Gemini published its report for the second quarter of this year. The weakening crypto market impacted the platform's business—the exchange's trading revenue fell to $12.5 million, 38% lower compared to the same period last year, and the total trading volume dropped from $11.3 billion to $3.8 billion. Nevertheless, the exchange's total revenue grew by 37% to $45.5 million, while service revenue and interest income increased by 117% to $26 million.
Earlier, Cameron Winklevoss called on countries worldwide to buy bitcoin to create strategic crypto reserves. In the entrepreneur's opinion, owning rare earth minerals, gold, and oil is no longer sufficient for "preserving geopolitical influence."
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