Tyler and Cameron Winklevoss, the founders of the large US-based cryptocurrency exchange Gemini, foresee even more significant BTC price developments this decade. While appearing on CNBC, the twins predicted that Bitcoin will become the best-performing asset with a 25x appreciation in the next nine years.
As CryptoPotato reported at the end of 2019, Bitcoin became the 2010s best-performing asset with a significant ROI of 8,900,000%. Although this was an impressive achievement on its own, the Winklevoss twins believe that BTC could take the crown in the 2020s as well.
The early Facebook investors spoke on CNBC’s Squawk Box, saying that: “we think it [Bitcoin] will be the best performing asset of the current decade.”
The brothers touched upon a previous post, in which they asserted that Bitcoin could replace gold, oil, and the US dollar as a reliable store of value. In doing so, the cryptocurrency would attract countless news investors, which will ultimately explode its price.
During the CNBC interview, they doubled-down on this narrative and predicted a 25x surge from the current levels.
“Our thesis is that Bitcoin is gold 2.0, and it will disrupt gold. If it does that, it has to have a market cap of $9 trillion. So we think bitcoin could price one day at $500,000 a bitcoin. So at $18,000 bitcoin, it’s a hold, or if you don’t have any, it’s a buy opportunity because we think there’s a 25x from here.”
The brother also compared the parabolic price increase in 2017 that resulted in a price tag of $20,000 and the 2020 bull run that has neared BTC to those levels. However, they highlighted two major differences – the interest from traditional and institutional investors and the post-COVID-19 global economic situation.
The demand from large institutions was exemplified in a recent Fidelity report. Some of the prominent names that entered the BTC ecosystem include the likes of Paul Tudor Jones III and giant companies such as MicroStrategy.
The twins further breached the possibility of high inflation rates following the COVID-19 pandemic and the governments’ actions to print excessive amounts of fiat currencies. They noted that BTC could protect people against the rising inflation and the growing debt of countries like the US.
“I think there’s not much of a debate about all the debt that’s increased in the US, the money printing – so, how do you defend against that? A lot of people are starting to realize that bitcoin is really the best defense and offers the opportunity for an asymmetric return of something like 25 to 40x from here.
I don’t think there’s an asset in the universe that can credibly offer that kind of potential and protect against inflation,” said Cameron Winklevoss.
