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Bitcoin Billionaire Cameron Winklevoss Says Gold Could Be the Next GameStop

Some members of the Wall Road Bets Reddit group that facilitated the GameStop inventory hike have turned their consideration to driving up silver costs, and Winklevoss thinks gold may very well be subsequent.

February 1, 2021 three min learn

“Silver squeeze” has a pleasant ring to it. Could a “gold seize” be subsequent? Final week, in an unprecedented inventory market coup, members of Reddit group Wall Road Bets conspired to beat hedge funders at their very own “quick squeeze” sport, driving up GameStop shares greater than 200%. Now a few of the similar Reddit traders are shopping for shares of silver mining firms, driving the silver worth up 11% to $ 30 a share (as of Monday morning), the highest it’s been since 2013.

If Redditors pull off a “silver squeeze,” there’s hypothesis as to what market may very well be subsequent. Bitcoin investor and entrepreneur Cameron Winklevoss – who rose to fame together with his twin brother Tyler Winklevoss once they received $ 65 million in a lawsuit towards their Harvard classmate Mark Zuckerberg, claiming he stole their thought for Fb – took to Twitter on January 31 to ponder the implications .

Investing in gold shares has historically been thought of a secure hedge towards inventory market volatility. The US has the largest gold reserve in the world, but when the present (file excessive) worth of gold have been to undergo a brief squeeze, that will certainly have an enormous impact on world markets.

As a bigwig Bitcoin investor, it’s little shock Winklevoss is rooting towards market mainstays. He and his brother invested $ 11 million of their $ 65 million Fb lawsuit payout into Bitcoin again in 2013, and when the cryptocurrency’s shares soared final December, they turned billionaires.

In case you weren’t satisfied that the Winklevoss twins have been into all of these items, in addition they simply signed on as govt producers for an MGM movie on the GameStop fiasco, which will probably be based mostly on a yet-to-be-written ebook by Ben Mezrich, writer of The Social Community. The tentative title for his GameStop tome? The Delinquent Community.

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Donna Miller

Donna is one of the oldest contributors of Gruntstuff and she has a unique perspective with regards to Science which makes her write news from the Science field. She aims to empower the readers with the delivery of apt factual analysis of various news pieces from Science. Donna has 3.5 years of experience in news-based content creation, and she is now an expert at it. She loves journalism, and that is the reason, she moved from a web content writer to a News writer, and she is loving it. She is a fun-loving woman who has very good connections with every team member. She makes the working environment cheerful which improves the team’s work productivity.

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