Bitcoin price spike to $ 500,000 is inevitable according to the Winklevoss twins
They said the actual adoption of the asset class “hasn’t even started.”
The founders of the cryptocurrency exchange Gemini, Tyler and Cameron Winklevoss, said that Bitcoin (BTC) will eventually reach $ 500,000 per coin during a recent interview with podcast host Peter McCormack.
“The question on our mind is not so much if it hits $ 500,000, but how fast,” Tyler told McCormack during the October 23 podcast episode. His thesis takes into consideration the market capitalization of gold and the theoretical allocation of the central bank. “I would say that Bitcoin at $ 500,000 is actually quite conservative and the game has not even started,” noted Cameron.
MicroStrategy and others buying significant amounts of Bitcoin for their treasury reserves seem to indicate that the market is starting to change. “What if all the Fortune 100 or 500 companies do that, and what if the central banks start doing it?” Cameron asked. “It hasn’t even started,” he added, making an analogy that Bitcoin is at the bottom of first in a nine-inning baseball game.
“Wall Street is not here yet. Institutions are not in Bitcoin at the moment. It has been a retail phenomenon for the last decade. So Wall Street talks about it, they are aware of Bitcoin, but they are not really involved from our perspective, but it is starting to happen. “
The basis for the interview was a report by Tyler and Cameron published in August 2020, titled: The Case for $ 500K Bitcoin. The brothers began building the report in January 2020, Cameron said in the interview with McCormack.
“We started to think about what the government has been doing with the US dollar for the past decade and the traditional type of reserves of value and hedges,” explained Cameron. The twins stopped work on the report in March as COVID gained global prominence. They resumed the article several months later after assessing the economic changes brought on by the virus.
Tyler said that he and his brother started buying BTC in 2012. Part of the rationale for the report came from evaluating the asset’s performance amid the surrounding economy over the past decade.
While a growing number of bullish predictions for Bitcoin emerged throughout 2020, some have remained skeptical, such as gold fan Peter Schiff.
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