The Winklevoss twins and founders of Gemini crypto exchange - Tyler and Cameron Winklevoss - made a bullish prediction for Bitcoin stating that its long-term price value stands at $500,000.
In a blog post written last Thursday, August 27, the twins brothers said that inflation is on the cards as the Federal Reserve continues to pump more liquidity in the ecosystem. Historically, gold and oil have served as reliable store of value for investors seeking a safety net.
This year, Gold price has already surged more than 35% crossing over $2000. As per analyst expectations, Gold price can surged further 50% and go up to $3000 in the next year.
However, Tyler Winklevoss thinks that the yellow metal prices have been pushed beyond the demand of its actual consumption. The Winklevoss twins not think that Bitcoin is very-much capable of overtaking gold as the leading safe-haven asset for the global markets.
Now, with the market cap of gold being above $9 trillion, and considering Bitcoin currently at $200 million, it means that BTC price will surge 45-fold i.e. around half-a-million.
The Winklevoss twins argue the fact that Gold and oil are always difficult to transfer, and more importantly, they don’t have a fixed supply. Thus, if the large supply of both these assets get discovered, their value might decrease with time.
The Winklevoss twins explained: “Currently, gold is a reliable store of value and the classic inflation hedge. Supply. The supply of gold is actually unknown. While gold remains scarce or ‘precious’ on planet Earth, the same cannot be said with respect to our galaxy.”
Hinting that Bitcoin remains as the best for rising inflation, the twins wrote that Bitcoin will outperform everything - gold, real estate, and stocks. “Inflation is coming. Money stored in a bank will get run over. Money invested in assets like real estate or the stock market will keep pace. Money stored in gold or bitcoin will outrun the scourge. And money stored in bitcoin will run the fastest, overtaking gold,” they said.
The Winklevoss twins wrote that Bitcoin is easy to be moved, has limited and fixed supply, and thus with more demand it would always remain scarce.
The Winklevoss twins are not the first ones to give this massive target for Bitcoin. Earlier, a few analysts also predicted $1 million for BTC price in the long-term. Well, currently the immediate goal for Bitcoin investors is attaining its previous all-time high of $20,000.
Source:
https://www.worldcoinindex.com/news/gemini-founders-winklevoss-twins-predict-btc-long-term-value-at-500-000
Topic: Gemini Founders Winklevoss Twins Predict BTC Long-Term Value At $500,000 (Read 88 times)