Bitcoin billionaire Cameron Winklevoss says gold could be the next GameStop

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Opinions expressed by Entrepreneur Contributors are their own. This article was updated on April 14, 2021

“Silver Squeeze” has a nice sound. Could a “gold grave” come next? Last week, members of the Reddit group Wall Street Bets conspired in an unprecedented stock market coup to beat hedge funders in their own “short squeeze” game and get GameStop stocks up more than 200%. Now, some of the same Reddit investors are buying shares in silver mining companies, propelling the silver price 11% to $ 30 per share (as of Monday morning), its highest level since 2013.

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If Redditors pull off a “silver squeeze,” there is speculation as to which market might come next. Bitcoin investor and entrepreneur Cameron Winklevoss – who rose to fame with twin brother Tyler Winklevoss when they won $ 65 million in a lawsuit against their Harvard classmate Mark Zuckerberg claiming he stole their idea for Facebook – went down on Jan. January to Twitter to reflect on the impact.

Investing in gold stocks has traditionally been seen as a safe hedge against the volatility of the stock markets. The US has the largest gold reserves in the world, but if the current (record high) gold price were to suffer a short squeeze, it would indeed have a massive impact on global markets.

As a large Bitcoin investor, it is no surprise that Winklevoss is taking root against the mainstays of the market. He and his brother invested $ 11 million in their $ 65 million Facebook lawsuit in Bitcoin in 2013, and when cryptocurrency stocks shot up last December, they became billionaires.

In case you weren’t convinced the Winklevoss twins were into all of these things, they’ve just signed up as executive producer for an MGM film about the GameStop fiasco, which will be based on a yet-to-be-written book by Ben Mezrich , Author of The social network. The preliminary title for his GameStop tome? The anti-social network.

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