Winklevoss twins say bitcoin will soar to $500,000 and surpass gold as a store of value
- Tyler and Cameron
Winklevosstold CNBC on Monday that bitcoin will skyrocket to $500,000 within the next decade and surpass goldas a store of value.
- "Our thesis is that bitcoin is gold 2.0, that it will disrupt gold, and if it does that, it has to have a market cap of 9 trillion, so we think it could price one day at $500,000 of bitcoin,"
- The cofounders of Gemini explained that Bitcoin is a better store of value than gold and offers higher returns.
- Bitcoin climbed to a new record high today, bringing its year-to-date gain to 177%.
- Watch bitcoin trade live here.
TOP VIDEOS FOR YOU"Our thesis is that bitcoin is gold 2.0, that it will disrupt gold, and if it does that, it has to have a market cap of 9 trillion, so we think it could price one day at $500,000 of bitcoin," Tyler Winklevoss said. "So at $18,000 bitcoin, it's a hold or at least if you don't have any, it's a buy opportunity because we think there's a 25x from here."
AdvertisementAs of Monday, Bitcoin has surged over 177% year-to-date.
The brothers added that bitcoin is an emergent store of value and doesn't need to be a ubiquitous medium of exchange to continue to grow. Tyler Winklevoss explained that "no one uses gold to buy coffee," and yet the precious metal has a market capitalization of $9 trillion because investors use it as a store of value. Bitcoin will grow to be a better store of value, particularly because it's more durable and easier to transport than gold, the investor said.
If bitcoin can also be used as a currency, which isn't off the table, it could surge even higher than $500,000, said Tyler Winklevoss.Back in August, he wrote a blog post titled "The Case for $500k Bitcoin," where he explained that bitcoin is ultimately the only long-term protection against inflation because there are fundamental problems with gold, oil, and the US dollar as stores of value.
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