Winklevoss twins say Bitcoin will see ‘25x’ gains from here, could be worth $500,000 each
The twins think that Bitcoin will be the ‘best performing asset class of the decade.’ Bitcoin is currently up over 392,000,000%, increasing from $0.005 in 2009 to its current price of $19,645.
The Winklevoss twins believe that Bitcoin will emerge as a major disruptor of Gold, and will be used as a hedge against inflation, increasing government debt and money printing:
“Our thesis is that Bitcoin is gold 2.0 and it will disrupt gold. If it does that it has to have a market cap of $9 trillion. So we think bitcoin could price one day at $500,000 a bitcoin. So at $18,000 bitcoin it’s a hold or if you don’t have any its a buy opportunity because we think there’s a 25x from here,” Tyler Winklevoss said in an interview with CNBC.
“I think a lot of it is investors coming in and realizing that inflation, there’s a specter of inflation out there and how do you protect against that? I think there’s not much of a debate about all the debt that’s increased in the U.S., the money printing, so how do you defend against that?” Cameron Winklevoss added.
“I think a lot of people are starting to realize that bitcoin is really the best defense and offers the opportunity for an asymmetric return of something like 25 to 40x from here. I don’t think there’s an asset in the universe that can credibly offer that kind of potential and protect against inflation.”
“It doesn’t really need to be a great medium of exchange, it just needs to be better than gold and it’s better across the board.”
They are not afraid of government regulations, they see the trend of ‘thoughtful’ regulation continuing:
“Back in 2013, there was a question about whether bitcoin was going to be outlawed. We’re way passed that. We believed in healthy, thoughtful regulation. We don’t see that not continuing. We think bitcoin’s here to stay, we think thoughtful regulation around it in the U.S. and other sophisticated jurisdictions is also here to stay,” Tyler Winklevoss added.
“Bitcoin is still the best performing asset of the year, even compared to equities,”
Tyler and Cameron Winklevoss are the owners of the Gemini cryptocurrency exchange, and are reported to own approximately 1% of all bitcoins, or around 170,000 BTC. This is worth nearly $3.4 billion dollars at the time of writing.
Want to learn more about cryptocurrency? Sign up for a consulting call at IntuitConsultants.com