The Winklevoss brothers believe that “the game has not really started yet”.
Tyler and Cameron Winklevoss, the prominent operators of the Gemini crypto exchange, confirmed in an interview with Peter McCormack that they are convinced that Bitcoin ( BTC ) will sooner or later break the $ 500,000 mark.
„For us, the question is not whether it is going to be $ 500,000, but rather how quickly,“ said Tyler Winklevoss on October 23 in the McCormack podcast
His argument is based on a comparison to the market capitalization of gold and a possible future entry of the central banks into the market-leading cryptocurrency. „I would even argue that $ 500,000 is actually a very conservative prognosis because the game has not really started yet,“ as Cameron exuberantly relativizes his assessment.
The fact that more and more well-known companies like MicroStrategy are now making large investments in Bitcoin could be a sign that the market is slowly picking up speed. Accordingly, Cameron asks, „What if every Fortune 500 company and central bank does the same thing?“
In this regard, he then draws the comparison that the Bitcoin market is currently only in the first 10 minutes of the first half of a football game, which leaves a lot of room for improvement:
“Wall Street isn’t there yet and the institutions haven’t joined Bitcion either. So far, it has been largely a private investor phenomenon. Wall Street is already talking about it, it knows Bitcoin. She doesn’t have our eyes on it yet, but that’s slowly coming. “
The subject of the interview was a thesis paper by Tyler and Cameron Winklevoss, which they published in August 2020 and which is called „The arguments for a Bitcoin course of US $ 500,000“. The twins had been working on the paper since January 2020
„We looked at what the government has been doing to the US dollar and traditional financial products, which are used as stores of value and security, over the past 10 years,“ said Cameron. When the Corona crisis gained the upper hand in March, the brothers temporarily interrupted work on the paper in order to finish it several months later. They also took into account the effects of the crisis.
As Tyler states, he and his brother first bought Bitcoin back in 2012. One of the intentions of their study was therefore to look at the development of cryptocurrency over the past 10 years.
While more and more optimistic forecasts for Bitcoin are being made in 2020, there are also pessimistic voices such as gold advocate Peter Schiff.