One-half of the famous twins, Cameron Winklevoss said that Bitcoin will hit over $5 trillion i.e. 40 times more its current value.
On Wednesday, the Facebook power-scrabblers who made a fortune with Bitcoin’s ups and down, are now hoping that Bitcoin will be doubled in its value in coming days.
A Better Gold Across the Board
Winklevoss compares bitcoin to gold during a CNBC-hosted chat at the Milken Institute’s MENA Summit.
Cameron Winklevoss told CNBC:
“Taking bitcoin in isolation … we believe bitcoin disrupts gold. We think it’s a better gold if you look at the properties of money. And what makes gold? Scarcity. Bitcoin is actually fixed in supply so it’s better than scarce … it’s more portable, its fungible, it’s more durable. It’s sort of equals a better gold across the board”.
He continued adding that at present bitcoin is at $100 billion market cap. However, the dipping bitcoin price is an extreme buying opportunity. He says that still a very underappreciated asset which is going to increase around 40 times its current value like gold.
“Failure of imagination”
Cameron’s brother Tyler said that bitcoin critics are simply lacking imagination.
Tyler Winklevoss, a brother added that those who can’t see the potential of Bitcoin are suffering from a “failure of imagination”.
“Cryptocurrencies aren’t really important for human-to-human transactions, but when machines-to-machines trade economic value, they are going to plug into protocols like bitcoin and Ethereum. They are not going to open bank accounts at J.P. Morgan; those were inventing by bankers before the Internet existed. Trying to use them as payments or money on the Internet is a square peg in a round hole at best”.
They say that people are missing out the important point when they consider cryptocurrencies specifically of hand-in-hand transaction. As a substitute, people say that “the likes of Bitcoin will be extremely useful when machines trade economic value among themselves”.