Gemini co-founder and bitcoin billionaire Tyler Winklevoss says bitcoin will be the “only refuge” for investors after news of another U.S. stimulus package spurs stocks.
According to a tweet published October 9, Winklevoss criticized the U.S. Federal Reserve and Congressional leaders for relying upon money-printing tactics to generate another stimulus package.
Tyler, who co-founded the cryptocurrency exchange Gemini with his twin brother Cameron, called the money-printing an “addiction” and said bitcoin would be the only refuge for investors.
Tyler’s tweet came in response to a report by Barron’s on the S&P 500 having its best week since July.
According to the report, stocks are pumping in response to optimism over another $1.8 trillion stimulus package to provide relief to citizens struggling from the coronavirus pandemic.
Axi market analyst Milan Cutkovic wrote in a note to clients,
While a deal between Republicans and Democrats ahead of the U.S. presidential election still seems unlikely, market participants are reacting positively to signals that both parties are feeling the pressure to take action as the economic recovery may soon run out of steam.
The S&P 500 rose 3.8 percent last week to its highest point since early July, downplaying worries over a contested presidential election in November.