Gemini CEO and bitcoin billionaire Tyler Winklevoss says a wave of institutional investment will boost BTC’s price higher. 

Winklevoss, who co-founded the cryptocurrency exchange Gemini with his twin brother Cameron, published a tweet on October 8 predicting a surge of new institutional investment into bitcoin. 

Tyler highlighted the efforts of Michael Saylor and his analytics firm MicroStrategy investing $425 million in bitcoin. He also pointed to Square, Inc.’s announcement of buying an additional $50 million in BTC. 

According to an update made on October 8, Twitter co-founder Jack Dorsey’s mobile payment platform Square purchased roughly 4,709 bitcoin ($50 million) as a sign of commitment to the industry of cryptocurrency. 

The post reads, 

Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose.

Square’s Chief Financial Officer Amrita Ahuja said bitcoin has the potential to be a more “ubiquitous” currency and called the investment a step in the direction of a more “inclusive future.” 

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