SALT Talks: Cameron & Tyler Winklevoss | Co-Founders, Gemini
Gemini founders predict a rise in the cost of military-technical cooperation to $ 500,000
Bitcoin will cost at least $ 500,000
Bitcoin is like gold, but surpasses it
Experts are confident that gold will bypass BTC
Twins Cameron and Tyler Winklevoss, who founded the Gemini cryptocurrency exchange, predict the growth of the value of the main cryptocurrency to the level of $ 500,000.
Bitcoin repeats the movement of gold
The coronavirus epidemic has brought global changes to the global economy. And if earlier only gold, oil and the US dollar were considered protective assets, today these instruments have fundamental problems. Twin brothers Cameron and Tyler Winklevoss, who co-founded the social network Facebook, wrote about this in their own blog.In June 2019, Facebook announced preparations for the release of the digital currency Libra. The social network project immediately attracted attention … More and by the founders of the Gemini cryptocurrency exchange.
To predict the future development of cryptocurrencies, the Winklevoss brothers use the similarity of bitcoin to gold, but still make certain adjustments. So, according to the founders of Gemini, the coronavirus showed that gold is the only protective asset. Since the exact reserves of gold are still unknown, the precious metal is a scarce asset in which investors have actively invested in the period from March to June of this year. At the moment, negotiations are underway on the possibility of extracting gold not only from the depths of the earth, but also from asteroids. NASA plans to start researching asteroids for gold in 2022.
However, the amount of bitcoin is also limited, which makes the main cryptocurrency a scarce asset. At the same time, bitcoin is a global means of payment and works like email, that is, it has no borders.
“Compared to other cryptocurrencies, Bitcoin has a significant pioneering advantage, not only because it is the first cryptocurrency as we know it, but also because it was the first cryptocurrency with properties similar to gold. As such, it has tremendous networking effects (no different from those experienced by social networks such as Facebook and Twitter) thanks to an active community of users, developers, miners, exchanges, custodians, etc., ”the blog reads.
In other words, Bitcoin is an even more protective asset than gold. However, the low adoption of cryptocurrencies in the world is holding back the rise in the price of cryptocurrencies. Nevertheless, as the Winklevoss brothers are convinced, the price of bitcoin can reach unprecedented price points..
“Today the market capitalization of overground gold is conservatively $ 9 trillion. If we are correct about using a gold base to value bitcoins, and bitcoin continues down this path, then the most likely scenario for bitcoin is that it is undervalued by a multiple of 45. In other words, bitcoin’s price could rise 45 times. This means we can see a price of $ 500,000 per bitcoin, ”said the Winklevoss brothers..
At the same time, experts are confident that Bitcoin will displace $ 11.7 trillion of fiat currency reserves held by the US government.
Bitcoin vs gold: who will win
In fact, according to Winklevoss’ theory, Bitcoin will outperform even gold and become the world’s first defensive asset. Nevertheless, many experts do not support such an opinion and believe that the future belongs to the precious metal..
For example, the head of the digital bank Galaxy Digital, Mike Novogratz, advises keeping more gold in the investment portfolio than bitcoin due to the high volatility of the virtual asset. He urged to stock up on gold rather than bitcoin due to the high volatility of the cryptocurrency asset. Novogratz, however, noted that Bitcoin will outperform gold in economic terms, at least due to the fact that the virtual asset is still in its early stages..
Analysts at JP Morgan are confident that the choice of an investment instrument largely depends on the age of the investors themselves. According to a study by experts, investors in general are interested in alternative assets, but the results differ in different age groups. Thus, representatives of the older generation are more inclined to seek salvation in gold, while young investors are more likely to opt for bitcoin..
All information, contained on our website, published in good faith and objectivity, and for informational purposes only. The reader bears himself complete responsibility for any actions, committed by him on the basis of information, obtained from our website.