Winklevoss: Bitcoin Reaches Coronavirus “Inflection Point” As Oil Wars Rage On

Bitcoin (BTC) will face a historic “inflection point” in its life due to coronavirus amid oil wars, according to entrepreneur Cameron Winklevoss.

In a series of tweets on April 12, one-half of the Winklevoss twins who run cryptocurrency exchange Gemini, stressed on the significance of COVID-19 for Bitcoin and its users.

Cameron Winklevoss: Hodl your Bitcoin

“This pandemic will be an inflection point for Bitcoin and the Metaverse,” he stated.

Encouraging supporters to “hodl” their BTC, Winklevoss implied that Bitcoin’s public profile would transform under current conditions.

His optimism chimes in with sentiments of different popular industry figures. Bitcoin, they state, was born out of the previous financial crisis, which, according to economists, was less severe than that which will come with coronavirus.

Markets have already seemed to confirm that statement. Unprecedented money printing only slowly supported the mood on stock markets, which did not rebound immediately and remain at a loss year to date.

Analyst believes oil cuts “not enough”

Oil, by contrast, saw a comeback this week after an agreement by OPEC+ countries to cut production by around 10%. Already, however, there are signs that this is not enough.

Data provided by Bloomberg indicates that oil’s so-called contango — a price structure which can signal oversupply in a commodity — has continued to rise despite the deal.

“The oversupply situation is just so large and the market’s interpretation of the deal is that it’s just not enough,” Andy Lipow, president of Lipow Oil Associates LLC, said on Monday.

Bitcoin remains susceptible to traditional market movements, something that analysts expect to decrease after attention will be diverted to the next month’s block reward halving.

BTC/USD, unlike oil, has never been that oversold as it is now as halving creeps closer, according to statistics. Bitcoin’s 12-month relative strength index, or RSI, is currently on lows seen only three times in its history.