Gemini’s co-founder, Cameron Winklevoss, took to social media to express his reaction to the US Federal Reserve’s recent announcement that it would be providing $300 billion from its holdings to cash-strapped banks.
In a tweet, Winklevoss remarked that “The Fed’s move has given everyone $300 billion more reasons to invest in bitcoin.”
The Federal Reserve’s decision to provide financial support to struggling banks comes in the wake of recent banking collapses, with $143 billion of the total amount earmarked for clients of Silicon Valley Bank and Signature Bank.
The remaining $157 billion has not been designated to a specific recipient, and the Fed has not provided information on how many recipients there will be.
The regulator’s announcement highlights the level of financial support it is willing to offer to the struggling financial system.
The announcement comes as the market continues to experience high levels of volatility, and the Fed’s additional support package of $11.9 billion was also announced on Sunday.