- The real adoption of Bitcoin has not even started yet – Tyler and Cameron Winklevoss
- Bitcoin price would hit $500k, Winklevoss brothers
- The long-term expectations for Bitcoin is high
Bitcoin News Today – Cameron and Tyler Winklevoss – the founders of Gemini digital currency trading platform – said that the real adoption of the asset class has not even started. In a recent interview with Peter McCormack – a podcast host – the Winklevoss brothers said that the price of Bitcoin would eventually hit $500k.
Tyler and Cameron Winklevoss Said Bitcoin Would Hit $500k
The Winklevoss brothers just gave a very bullish Bitcoin price prediction. In the interview with McCormack, Tyler said, “The question is not whether the price of Bitcoin would get to $500k, but how quickly.” His thesis takes the market capitalization of gold and theoretical central bank allocation into consideration. Cameron said:
“I would sort of contend that $500,000 Bitcoin is actually pretty conservative and the game hasn’t even really started.”
Bitcoin (BTC) Price Today – BTC / USD
MicroStrategy, Square, and others buying huge amounts of BTC for their treasury reserves seem to show that the market is starting to shift. “What if central banks begin doing that, what if every fortune 100 or 500 firms start doing that?” Cameron asked. He said:
“Wall Street is not here yet. Institutions are not in Bitcoin right now. It has been a retail phenomenon for the last decade. So Wall Street talks about it, they’re aware of Bitcoin, but they’re not really in it from our perspective, but it’s starting to happen.”
Winklevoss Brothers Evaluate Bitcoin’s Performance
The basis for the interview was a report the twin brothers published in August this year. The report is titled: The Case for $500k Bitcoin. They started working on the report in January this year, according to Cameron. Cameron said:
“We started to think about what the government has been doing with the U.S. dollar for the past decade or so and traditional sort of stores of value and hedges.”
The brothers paused their research work in March when the COVID-19 gained a global foothold. They continued with the report a few months later after evaluating the effect of the pandemic on the economy. Tyler said he and his brother started buying Bitcoin in 2012.
One of the reasons for the report stemmed from evaluating the performance of the asset amid the surrounding economy over the past decade. While an enormous number of bullish Bitcoin price predictions surfaced all through this year, some are still skeptical of the digital currency, such as gold bug Peter Schiff.
Bitcoin recently hit a new yearly high, but the digital currency is currently slightly below the $13k mark. However, it is still in the green and more upside moves are expected.