Winklevoss Sees AI-Driven Selloff as 'Time Machine' Opportunity for Bitcoin Buyers

Gemini co-founder Cameron Winklevoss has argued that the current decline in Bitcoin's price is not a cause for concern, but rather an opportunity to buy at a discounted rate. According to Winklevoss, the roughly 50% drop from last year's levels is equivalent to a 50% discount on the asset.

This 'time machine' effect allows investors to purchase Bitcoin at $65,000, a price that would have been unthinkable a year ago when it changed hands above $120,000. Winklevoss notes that had Bitcoin been offered at half of its then-current price, demand would have been unlimited.

The decline in Bitcoin's price is attributed to the competition for capital, with AI equities absorbing inflows that once moved into high-risk digital assets such as Bitcoin. This shift in investment preferences has led to a selloff, but Winklevoss argues that it is not a rejection of crypto fundamentals.

The current market situation presents a test for buyers: whether the discount remains a discount or becomes a new base price for Bitcoin. The asset's market value sits at $1.29 trillion, with a recent price near $64,231.