Winklevoss Urges Investors to Seize Opportunity to Buy Bitcoin on the Dip
Bitcoin is currently trading almost 50% below its October high of $126,198. Tyler Winklevoss suggested that if investors last year knew Bitcoin would reach $120,000, they would rush to buy it at a discount. In a post on X, he stated that AI-powered trading has given the world a "time machine" to go back and invest in Bitcoin at $65,000 levels, calling the current downturn an unprecedented buying opportunity and questioning when Bitcoin will "return to the future."
Over the past 24 hours, Bitcoin rose 12% to $71,980, with its market cap at $1.44 trillion. Daily trading volume surged 292% to $66.2 billion.
The Winklevoss twins, Cameron and Tyler, famously sued Mark Zuckerberg over Facebook's origins, later settling for $65 million in cash and stock. They invested part of this in Bitcoin in 2012, becoming early crypto billionaires, and founded the Gemini exchange in 2014.
Gemini's recent Q2 report showed a weakened crypto market impacted its business: trading revenue fell 38% year-on-year to $12.5 million, and total trading volume dropped from $11.3 billion to $3.8 billion. However, the exchange's total revenue grew 37% to $45.5 million, with service and interest revenue jumping 117% to $26 million.
Previously, Cameron Winklevoss urged world governments to buy Bitcoin to build strategic crypto reserves, arguing that rare earth minerals, gold, and oil are no longer sufficient to preserve geopolitical influence.
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