Cameron Winklevoss: Bitcoin Is a ‘Multitrillion-Dollar Asset’
Cameron Winklevoss — one half of the famous Winklevoss twins venture investors — just told the press he sees Bitcoin challenging gold’s market capitalization in the future. That would put BTC’s market cap well into the trillions of dollars.
Cameron Winklevoss “Directionally Long” on Bitcoin
After being certified as among the world’s first two official “bitcoin billionaires” alongside his brother just days ago, Cameron Winklevoss has seen firsthand how Bitcoin’s exploding popularity could have considerable steam. And he’s becoming more and more authoritative on what lies ahead for the crypto space accordingly.
Fast approaching are the days where people no longer introduce Cameron as one of the “Facebook guys.” Here already are the days we turn to Winklevoss and ask: what comes next?
To that end, in recent comments to CNBC, Winklevoss projected the Bitcoin could end up becoming something of a gold-killer:
“We’ve always felt that bitcoin, given its properties, is gold 2.0 — it disrupts gold. Gold is scarce, bitcoin is actually fixed. Bitcoin is way more portable and way more divisible.
At a $300 billion [USD] market cap, it’s certainly seen a lot of price appreciation, but gold is at $6 trillion and if bitcoin disrupting gold is true and it plays out … then you can see 10 to 20 times appreciation because there is a significant delta still.”
“Long term, directionally, it is a multitrillion-dollar asset — I don’t know how long it takes to get there.”
Crunching Cameron’s numbers here, 10 times appreciation of BTC’s current market capitalization (~$253 billion at press time) would put the current number one cryptocurrency’s market cap around ~$2.53 trillion. 20 times appreciation would put the cryptocoin around a $5 trillion market cap.
Both are impressive projections, to say the least. And if even the more conservative of these projections are actualized in the future, bitcoin will already have been long on its way toward consolidating its position as a new and maturing asset class in traditional markets.
Cameron Says “No Bubble,” Too
Unsurprisingly, in his latest remarks Cameron Winklevoss also disputed the entrenched but slowly dissipating mainstream perception that Bitcoin is a major speculative bubble.
“We’ve seen the bubble term thrown around and it’s just not the right way to look at this,” he said. “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.”
His comments here echo recent remarks from Troy University Professor of Economics Malavika Nair, who suggested a few weeks ago that Bitcoin is “definitely not a bubble” because it hasn’t “popped” at a singular peak, instead powering routinely through all-time price highs in a way that’s completely atypical for economic bubbles.
Suggestive of Mike Novogratz’s Recent Prediction
Cameron Winklevoss and former Fortress hedge fund manager Mike Novogratz have similar trajectories for the Bitcoin Boom going forward.
Indeed, Novogratz recently commented that Bitcoin’s market cap could hit $2 trillion by the end of 2018. That’s not far at all from Cameron’s projected 10 times appreciation in BTC’s trading volume.
And so, too, does Novogratz agree with Winklevoss that Bitcoin’s market cap could eclipse the $6 trillion milestone:
“If gold’s $8 trillion, I’m wondering why bitcoin can’t get there.”
That’s a figure that seems, in the very least, achievable. But much will depend on how lenient — or rigid — the global regulatory attitude becomes in the years ahead.
Where do you stand? How soon do you think it’ll take for Bitcoin to become a multitrillion-dollar asset? Let us know in the comments below!
Images via TIME, CNBC