The Co-Founder and CEO of the Gemini exchange, Tyler Winklevoss, sees the recent dip of Bitcoin as proof that more people care about BTC than the USD.
He was offering insight into why BTC dipped over the movement of Bitcoin believed to belong to Satoshi Nakamoto.
In a recent tweet, The Co-Founder and CEO of the Gemini Exchange, Tyler Winklevoss, explained that the recent dip experienced by Bitcoin was as a result of more investors finding more value and meaning in BTC that in the United States Dollar. Mr. Winklevoss was responding to another tweet explaining that the dip due to the movement of 50 BTC from a 2009 wallet, proved just how fragile Bitcoin is, than the USD.
Bitcoin has More Meaningful Value than the USD
In his response, Mr. Winklevoss explained that retail investors had become desensitized regarding the value of the USD as a result of the Fedprinting more dollars. The tweet by Mr. Winklevoss explaining how Bitcoin has more meaningful value to investors than the USD can be found below.
The BTC Did Not Belong to Satoshi Nakamoto
It has since been proven that the Bitcoin from a 2009 wallet did not belong to Satoshi Nakamoto. Retail investors need not panic that more BTC will be dumped into the market. The CEO of Binance further echoed Tyler Winklevoss’ logic that the crypto marketed cared more about Bitcoin than the United States Dollar. CZ’s tweet making the conclusion can be found below.
Feds print a few trillion, nothing happens.
Someone (most likely NOT Satoshi) moves 40 early BTC, market panics.
Further digging deeper into why the crypto market panicked, we remind ourselves that the anonymous creator of Bitcoin, Satoshi Nakamoto, still has a large bag of dormant Bitcoin. It is widely believed that Satoshi Nakamoto’s bags are worth a cool 1 Million BTC (Approx. $9 Billion using the rate of 1 BTC = $9,000.)
Therefore, if a fraction of his stash starts moving, there is bound to be some panic as many expect he would eventually dump a considerable amount of it into the crypto markets.
Popular Bitcoin analyst, MagicPoopCannon, further elaborates on this fact in the following tweet.
Crypto isn't liking the fact that satoshi era BTC is on the move. Perhaps people are concerned that satoshi may be lurking to dump that 1,000,000 BTC. 😄