“In the current macro climate, when you have inflation and a huge sell-off and major crypto projects that failed, people are going to pull back,” Tyler Winklevoss, co-founder of the crypto exchange platform Gemini, told me in an interview earlier this month. “Bitcoin is still new so it’s still viewed by many as a risk-on asset. And as people pull risk off the table, bitcoin will suffer. But all assets are suffering, bitcoin isn’t in this alone.”
