Cameron Winklevoss, a cryptocurrency billionaire, claims that Bitcoin will highly likely grow to forty times its present value and will soon be “better than gold”. Cameron Winklevoss is one of a pair of twins who became popular after they reached a settlement with Facebook founder Mark Zuckerberg. The twins claim that Zuckerberg stole their idea for a social networking site. The twins won and were awarded $65 million dollars.
Currently, the twins are known for being the first bitcoin billionaires of the world. The most recent market capitalization of Bitcoin is pegged at approximately $150 billion. Winklevoss foresees the price of bitcoin to reach to as much as $340,000 from $8,500, with a possible $6 trillion market cap.
According to Cameron, “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.”
He added, “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.”
Despite financial experts’ belief that cryptocurrency is a mere bubble of epic proportions, Winklevoss does not agree with such a claim. He explained, “We’ve seen the bubble term thrown around and it’s just not the right way to look at this.” He added, “Social networks grow in value exponentially based on the number of users and participants. The difference between one and 100 is dramatic — 100 and a million is that much more dramatic and exciting. As more people join it gains more value.”
Meanwhile, his brother Tyler responds to cryptocurrency critics with an explanation of how a paradigm shift is necessary to appreciate the digital currency’s tremendous value. He states, “You know the criticisms are just a failure of the imagination.” He added, “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.”