The founders of the Gemini cryptocurrency exchange Tyler Winklevoss and Cameron Winklevoss stated in a recent interview with podcast host Peter McCormack that Bitcoin (BTC) will eventually reach $500,000 each.
Tyler told McCormack in a podcast on October 23: “The question we think about is not whether Bitcoin can rise to $500,000, but how quickly it will reach $500,000.” His view takes into account the market value of gold. And the theoretical configuration of the central bank. Cameron said: “I can say that $500,000 in Bitcoin is actually quite conservative, and the game hasn’t even really started yet,”.
MicroStrategy and other companies that buy large amounts of Bitcoin as asset reserves seem to indicate that the market is beginning to change. Cameron asked: “If all Fortune 100 or 500 companies do this, what will happen if the central bank starts doing this?” He added: “It hasn’t even started yet. Bitcoin is in a nine-game baseball game. The middle row is at the end of the first game.
“Wall Street hasn’t gotten involved yet. Financial institutions have not yet been involved in Bitcoin. For the past ten years, this has been a retail phenomenon. So, Wall Street talks about it, they know Bitcoin, but from our perspective, They don’t really understand Bitcoin, but it’s starting to change.”
The basis of this interview is a report entitled “The Case of $500,000 Bitcoin” published by Tyler and Cameron in August 2020. Cameron said in an interview with McCormack that the brothers began to compile the report in January 2020.
Cameron explained: “We started to think about what the government has done with dollars in the past decade or so, as well as traditional stores of value and hedging.” When the coronavirus raged around the world, the twins stopped the report in March. work. A few months later, they continued to write this paper after assessing the economic changes brought about by the virus.
Tyler stated that he and his brother started buying Bitcoin in 2012. Part of this report is based on evaluating Bitcoin’s performance in the surrounding economic environment over the past 10 years.
Although there are more and more optimistic predictions about Bitcoin in 2020, there are still some people who are skeptical, such as gold supporter Peter Schiff.
