Tyler Winklevoss, the CEO and co-founder of Gemini exchange, has replied what he supposedly termed as the ignorance of the popular gold maximalist, Peter Schiff, regarding the growing institutional demand for the largest cryptocurrency by market capitalization, Bitcoin (BTC).
Peter Schiff Says Very Few Institutional investors Are Buying Bitcoin (BTC)
Peter Schiff is a stern and well-known critic of Bitcoin (BTC). He’s fond of finding a means to belittle the fact that Bitcoin is the highest performing asset of the moment.
Schiff took to Twitter a couple of hours ago to act as usual, but the CEO of Gemini, Tyler Winklevoss stopped at the tweet to set the record straight for the gold dealer.
In the tweet, Schiff claimed that very few institutional investors are buying Bitcoin (BTC), stating that those few have been extremely outspoken to increase the buying pressure for their own benefit.
Peter Schiff tweeted, “Very few institutional investors are buying Bitcoin. It just that those few that are buying are extremely vocal about their positions. They need to convince others to buy to push up the price so they can sell. The financial media also gives them a platform to talk their books.”
Very few institutional investors are buying #Bitcoin. It just that those few that are buying are extremely vocal about their positions. They need to convince others to buy to push up the price so they can sell. The financial media also gives them a platform to talk their books.
— Peter Schiff (@PeterSchiff) January 11, 2021
His comment came in the wake of Bitcoin (BTC) losing about $11,000 of its accumulated price in the space of 24 hours.
Tyler Winklevoss Sets the Record Straight
The co-founder of Gemini, Tyler Winklevoss, responded to Schiff’s comment as an operator of one of the largest cryptocurrency exchanges in the United States, who knows much about the inflow of institutional investors into Bitcoin investment.
In his response, he totally disagreed with Schiff’s assertion, stating that there a huge institutional demand for Bitcoin (BTC), and most of it is silent.
“This is completely false. There is huge institutional demand and most of it is silent. As the operator and proprietor of Gemini I would actually know, you would not,” Tyler Winklevoss responded.
— Tyler Winklevoss (@tyler) January 11, 2021
Meanwhile, Bitcoin (BTC) is beginning to print the necessary recovery after the huge loss to $30,000 area from the $42,000 all-time high. At the time of filing this report, BTC is trading at $36,472.66, with about a 10% price upsurge in the last 24 hours.