‘Bitcoin is better than gold,’ according to Cameron Winklevoss.
“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 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 sort of equals a better gold across the board,
“So, if you look at a $100 billion market cap today, now last week it might have been more like 200, so it’s actually a buying opportunity, we think that there’s a potential appreciation of 30 to 40 times, because you look at the gold market today, it’s a $7-trillion market. And so a lot of people are starting to see that, they recognize the store of value properties.
“So, we think regardless of the price moves in the last few weeks, it’s still a very under-appreciated asset.”
At the time of publishing, Bitcoin’s market capitalization stands at almost $150 billion.
According to Cameron Winklevoss’s prediction, Bitcoin’s price will soon grow from its current $8,500 to as much as $340,000 with a market cap of $6 trillion.
The Winklevoss Twins
Cameron is one of the Winklevoss Twins, who shot to fame after suing Mark Zuckerberg, accusing him of stealing their idea for Facebook.
They won the lawsuit and received a hefty $49 million settlement.
They reportedly invested $11 million of the settlement in Bitcoin before the recent price boom
This investment saw the twins become the world’s first crypto billionaires when prices shot up.
In a statement to the media, Cameron’s brother, Tyler Winklevoss said:
“You know the criticisms are just a failure of the 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 JPMorgan… those were invented 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.”