At this stage, you don’t need to see The Social Network to know who the Winklevoss twins are. Their continued support of bitcoin led to the creation of the popular crypto exchange Gemini, and their recent words regarding bitcoin’s alleged upcoming growth places them among the world’s largest digital currency proponents.
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Over the last week, bitcoin and its crypto-cousins have lost some of their popularity. Prices have repeatedly fallen, and many were wondering if bitcoin was, in fact, a bubble that was finally meeting its demise.
Since then, cryptocurrencies have rebounded somewhat. At press time, bitcoin is trading for about $7,780 – about $1,600 higher than where it stood two days ago.
Despite the continued bumps along the way, Tyler and Cameron Winklevoss remain loyal to bitcoin, and feel the bull run is nowhere near over. They predict bitcoin and cryptocurrency in general is likely to reach 40 times the current total market cap within the next few years, thus making it a $5 trillion market.
Cameron Winklevoss: ‘A Better Gold Across the Board’
During a CNBC-hosted chat, Cameron explained, “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 fixed in its supply, so it’s better than scarce. It’s more portable, it’s fungible, it’s more durable. It equals a better gold across the board.”
He continued by saying that bitcoin currently enjoys a $100 billion market cap, and with its recent slant, it’s the ultimate “buying opportunity.” He referred to gold once again, saying that its market cap currently sits at $7 trillion, though at one point, numbers were much lower, and time took it to its present status. He says bitcoin is still a very underappreciated asset that’s going to grow to about 30 or 40 times its size the way gold has, as people are beginning to fully recognize its “store of value properties.”
His brother Tyler also rang in, saying that bitcoin critics simply “lack imagination.”
“Cryptocurrencies aren’t really important for human-to-human transactions, but when machines-to-machines trade economic value, they are going to plug into protocols like bitcoin and Ethereum,” he stated. “They are not going to open back 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.”
Regulation’s Positive Impact
Bitcoin and cryptocurrency prices may have fallen due to the recent, but ongoing, threats of widespread regulation. Days ago, U.S. Senate leaders held a hearing regarding cryptocurrency trading to discuss which activities, if any, required newfound legislation and government monitoring.
Though the general attitude towards regulation has been one of panic, Tyler and Cameron say they embrace regulation, and feel it could have a positive impact many are choosing to ignore.
“These technologies can’t flourish and grow without thoughtful regulation that connects them to finance,” Tyler said. “As long as jurisdictions strike the right balance, we think that it’s going to be a huge boon and win for cryptocurrencies.”
Do you agree with the Winklevoss Twins? Is bitcoin about to explode? Post your comments below.
Images via The Verge, The Guardian, Pixabay