Winklevoss Brothers: $500,000 per bitcoin is just a matter of time
The founders of cryptocurrency exchange Gemini, the Winklevoss brothers, confirmed their previous prediction, saying that sooner or later bitcoin will be worth $500,000.
“The question is not whether bitcoin will be worth $500,000 or not, the question is how quickly it will happen. In fact, even that estimate seems very conservative to me – the real game hasn’t even started,” – Cameron Winklevoss said.
They made a similar statement earlier this year, expressing their belief that bitcoin is superior to gold, oil and the U.S. dollar as a store of value and the only long-term protection against inflation.
Tyler Winklevoss added that he and his brother began buying the cryptocurrency back in 2012. According to him, the report The Case for $500K Bitcoin, published in August, which listed the fundamental reasons for the likely rise in the price of bitcoin, was partly based on their own assessment of the asset’s yield against the backdrop of the problems experienced by the global economy.
The Winklevoss brothers began work on the report in January this year, interrupted for some time by the crisis caused by the pandemic of a new coronavirus.
Recall that earlier this week MicroStrategy CEO Michael Saylor said that his company plans to store bitcoins for the next 100 years. MicroStrategy was the first public company to invest some of its capital (about $250 million) in cryptocurrency.