Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Tyler Winklevoss: Ether (ETH) and Filecoin (FIL) are the new Amazon
Gemini CEO and cryptocurrency billionaire Tyler Winklevoss recently highlighted some similarities between some cryptocurrency projects and their centralized counterparts. According to him, Ethereum and Filecoin are the cryptocurrencies most likely to be used on a large scale.
Tyler Winklevoss compares Ether and Filecoin to Amazon
The Gemini exchange boss is known for his pro-cryptocurrencies statements on social media. In a series of tweets yesterday, Winklevoss highlighted some crypto projects that he believes will last the test of time. According to him, Ether and Filecoin are the two projects that have real potentials for massive adoption. He stated that Ether is decentralized Amazon cloud computing while Filecoin is decentralized Amazon cloud storage.
He also mentioned privacy coin Zcash as the new decentralized private money. In contrast, DAI is referred to as the decentralized stablecoin. Winklevoss believes that these projects are beginning to take preeminence in the crypto sector. It should be noted that Tyler Winklevoss carefully chooses the mentioned cryptocurrencies. Zcash is named Monero (XMR), and DAI is mentioned instead of a stablecoin giant Tether. The reason is simple; these are the assets that are available on the Gemini exchange.
This latest revelation shows that the Winklevoss brothers have positioned themselves differently from other exchanges. It should, however, be noted that Gemini denies itself the huge market that USDT represents. Tether now has a market capitalization that exceeds $24 billion.
Winklevoss Believes In DeFi
The DeFi sector was the breakout revelation in 2020, with several projects enjoying massive adoption. Nevertheless, the risk factors of the sector have led to critics about this booming sector. Tyler Winklevoss believes that DeFi can actually improve the current banking system with its features.
Responding to a tweet from billionaire guru Mark Cuban, Winklevoss highlighted that most of the world is unbanked. He further added that DeFi provides regular people access to loans to help create a better life.
You're overlooking the biggest risk of all. Most of the world is underbanked or not banked at all. Unlike you and me, they can't borrow, can't get a loan, and never even have a chance to create a better life for themselves and their family. DeFi can fix this. https://t.co/y5ouUphZF9
— Tyler Winklevoss (@tyler) January 12, 2021
The DeFi sector continues to develop with more money invested in protocols. At the time of publication, the total locked-in value in protocols is $21.25 billion.