Cameron Winklevoss, one half of the twins who have become world’s first Bitcoin billionaires says surge in Bitcoin will continue. The two invested in Bitcoin when it was just $120 and now they have over $1 billion worth of Bitcoins. Cameron and Tyler Winklevoss were paid $65 million after winning a lawsuit against Facebook founder Mark Zuckerberg in 2008. Since claims that Zuckerberg stole the idea for the social networks from them. They reportedly used the money to invest in Bitcoin.
He says Bitcoin may rise for up to 10 to 20 times if the fact that it is better than gold holds. However, gold has a market cap of $6 trillion. He appeared to compare Bitcoin to gold and terming is better: with fixed supply, more portable and more divisible.
He told CNBC on Friday,
“Long term, directionally, it is a multitrillion-dollar asset. I don’t know how long it takes to get there”.
He further said Bitcoin is competing with gold and not other cryptocurrencies.
Bitcoin is the oldest, it has the first mover advantage and there’s tremendous liquidity” he says. Later, adding that the problem ether is trying to solve is different than bitcoin’s payment application. “I think it’s great if there are a number of cryptos.”
Even the upcoming CBOE bitcoin futures contract uses the Gemini cryptocurrency exchange co-founded by the Winklevoss twins. U.S. Securities and Exchange Commission rejected the Winklevoss Exchange Traded Fund (ETFs) from the twins but Winklevoss said the introduction of CBOE and CME Bitcoin futures will pave way for bitcoin ETFs.
Many people in the crypto community also say these futures will act as a legal stamp for cryptocurrencies in general, which is a good thing.
There has been a spat all around the world about regulating cryptocurrencies and Winklevoss thinks it is actually a good thing.
“When Silk Road busts , the price of bitcoin appreciating considerably and transaction volume did not decrease. In fact the number of transactions on blockchain only increased from that point forward. So this idea that bitcoin is power up by dark market or money launderers is simply false.”
Winklevoss joins many other people who think Bitcoin is a worthy project and its prices and applications will get better in the future.