Cameron Winklevoss, the founder of Winklevoss Capital Management and crypto exchange Gemini, recently awoke the public’s interest in Twitter. On October 17, the famous Bitcoin bull wrote that the public should buy BTC as a way of escaping negative interest bonds, which at this time accounts for a whopping $17 trillion.
The tweet immediately garnered a series of comments from the community. One particular user told Winkleboss that migrating such bonds over to BTC presents significant challenges. In his reply, Winklevoss feigned confusion as to what problems the user is talking about, stressing that one only needs two minutes to set up an account on a cryptocurrency exchange.
$17 trillion dollars are currently held in negative interest bonds. 17 trillion reasons why you should own bitcoin.— Cameron Winklevoss (@winklevoss) October 17, 2019
Yes. Still, migrating this over to bitcoin is a huge challenge. Question, does the missing, lost and unallocated bitcoins affect the overall scalability. Ie x amount of bitcoins will never be used. Some say 7mil is the number.— Asset Nath (@nath_swerve) October 17, 2019
The user then sent a follow-up question about how to move a negative debt with such a massive volume to BTC.
Adverse interest bonds are hurting the industry
The trend of eliminating cash and implementing negative interest rates in developed nations would push many people into digital currencies, particularly Bitcoin.
According to a report released by Deutsche Bank in August, the total amount of global bonds with negative yields is $15 trillion, a figure that was 75 times larger than Bitcoin’s total market cap.