Winklevoss twins give a new bullish Bitcoin price prediction

Second part of the Winklevoss twins' story to hit the screens

Bitcoin (BTC) price has been surging recently, following  PayPal’s announcement that it will introduce crypto buying, selling, and storing within its own platform. However, while BTC finally managed to leave the price limbo in which it was stuck for weeks and go up to just below $13k, Gemini founders, the Winklevoss twins, think that this is only a start for the world’s largest crypto.

Winklevoss twins still convinced of $500k Bitcoin

According to Cameron and Tyler Winklevoss, Bitcoin’s price is bound to eventually go as high up as to reach $500,000 per coin. They shared this prediction with Peter McCormack, during a recent interview with the podcast host.

Tyler Winklevoss noted that the question is not whether BTC can hit $500,000, but rather when it will happen. He explained that his thesis takes the gold’s market cap, as well as theoretical central bank allocation into calculations.

Meanwhile, his brother Cameron added that Bitcoin reaching $500,000 is actually a rather conservative prediction. The game, as he called it, has not even started yet.

Wall Street is still not in Bitcoin, but it is getting there

There was a large surge in interest in BTC coming from institutional investors in 2020, as most are likely aware. Even before the coronavirus pandemic, custodians like Microstrategy and Grayscale have been purchasing massive amounts of BTC for their clients.  The Winklevoss twins are taking this as an indication that the market shift has already started.

Cameron asked ““What if every Fortune 100 or 500 company does that, what if central banks start doing that?” He believes that this is, indeed, coming, and quite soon.

Most institutions are not in Bitcoin right now, he added. Wall Street is talking about it, due to the fact that BTC managed to survive and continue growing for over a decade, but it is not in it as of yet. Despite this, they are slowly starting to enter the crypto industry.

The twins have been playing with this idea for a long time now, and they even wrote a report called ‘The Case for $500k Bitcoin,’ which was published only a few months ago, in August 2020. This particular report was also a basis for the interview.

The post Winklevoss twins give a new bullish Bitcoin price prediction appeared first on Invezz.

Publication date: 
10/24/2020 - 12:08
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