Bitcoin is better than gold and one day it could be worth 40 times its current value, Cameron Winklevoss of the Winklevoss twins, hailed as the first cryptocurrency billionaires, told CNCB on Wednesday.
“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. Its sort of equals a better gold across the board,” Winklevoss said.
Currently the gold market value is priced at $7 trillion. On Thursday the Bitcoin had a market cap of nearly $143.4 billion. Forty times that would be $5.7 trillion.
Continuing, Winklevoss noted that the current lower price of Bitcoin is a good buying opportunity and added that regardless of the price moves in the last few weeks, it is still a very underappreciated asset. He did not give a specific timeline for the Bitcoin to reach 40 times its current value, but mentioned that he and his brother Tyler look at between 10 and 20 years’ time.
Cameron Winklevoss had a comment for the naysayers, too: “You know the criticisms are just a failure of the imagination,” he noted, adding that even though cryptocurrencies are not that important for human-to-human transactions, they will be priceless for machines-to-machines transactions, which would need protocols like bitcoin and ethereum. “They (the machines) are not going to open bank accounts at J.P. Morgan … 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.”
Tyler and Cameron Winklevoss recently appeared in Forbes’ first list of the 20 richest people in the cryptocurrency industry, with an estimated crypto net worth of $900 million-$1.1 billion each (as of January 19, 2018 – now a lot less). The serial investors gained fame when they sued Facebook creator Marc Zuckerberg, accusing him of stealing their idea for a social network.
In 2012 the Winklevii started investing in Bitcoin (back then it reached a top price of $31 apiece) and held on to their coins through thick and thin, later putting money in Ether, too. In addition to all their other business undertakings, the twins also own a cryptocurrency exchange – Gemini, that has a New York BitLicense and recently boasted a $300 million daily turnover.