Gemini co-founder Cameron Winklevoss is calling time on the AI trade, and he wants capital to rotate into two specific cryptocurrencies as the fallout spreads through global equity markets.

The Kospi Selloff That Started It

The trigger was a brutal session in South Korea, where the Kospi index tumbled 10.84% as fears over China's chip sector rippled through Asian markets. Chipmakers bore the brunt of the damage, with the selloff serving as the latest sign that investors are rethinking how much they've piled into AI-linked equities over the past several quarters.

KOSPI Index Performance. Source: Google Finance
Image via BeInCrypto

Winklevoss's Case for Bitcoin and Zcash

Reacting to the rout on X, Winklevoss argued that the moment calls for a shift away from AI-linked assets entirely.

The AI trade is over. A ton of capital is looking for a safe home. Time to rotate back into the hardest money in the universe: bitcoin and Zcash.

The framing leans on a familiar thesis from Winklevoss: that Bitcoin's fixed supply and Zcash's privacy-focused design make both assets natural destinations for capital fleeing more speculative corners of the market once a popular trade starts to unwind.

A Test for the “Safe Haven” Narrative

Whether crypto actually behaves as a safe haven during an equity-market rout is far from settled, and past episodes of stock market stress have often dragged digital assets down alongside risk assets rather than lifting them. Still, with the Kospi's chip-driven crash now spilling into broader sentiment, Winklevoss's call gives traders a concrete thesis to test against price action in the days ahead.