Gemini exchange co-founder Tyler Winklevoss has made a strong prediction for the cryptocurrency market, tweeting on October 8 that a “tsunami” of big investors would be joining the market.
- In the tweet, Winklevoss referenced the $425 million investment by Microstrategy CEO Michael Saylor and $50 million purchase by Jack Dorsey-led Square
- Winklevoss believes that more leaders will flock to Bitcoin and that a “tsunami is coming” as a result of Bitcoin's innate value
- Saylor has said that Bitcoin was a sensible investment given inflation, while Square generated the majority of its revenue from Bitcoin in Q2 2020
- The number of hedge funds associated with the cryptocurrency market has also grown this year, according to a report from PwC released in May 2020
- Better compliance standards, increased regulation and growth of the derivatives market have been cited as the reason behind an influx of institutional investors