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According to the Winklevoss brothers, the price of Bitcoin at $ 500 thousand per one BTC is only a matter of time

Oct 26, 2020 | News
According to the Winklevoss brothers, the price of Bitcoin at $ 500 thousand per one BTC is only a matter of time

The founders of the world-famous cryptocurrency exchange Gemini, the Winklevoss twins, have confirmed their previous forecast, according to which the price of bitcoin will surely reach $ 500 thousand.

According to them: “The question is not whether it is possible, but how quickly it will happen. And yes, even our assessment can be called overly conservative, since the big game has already begun and the process can't be stopped. "

Earlier, in early 2020, the brothers already made a similar statement. At the same time, it was also argued that bitcoin significantly outperforms gold, oil, and US dollars as a store of value. And it is the only really effective long-term protection against inflation.

According to Tyler Winklevoss, he and his brother started buying cryptocurrency almost from the moment of its creation - back in 2012. And it is possible that their assessment of the profitability of this new asset was the reason, why it's price grew so fast. More details are given in their own report on the future and present of cryptocurrencies - "The Case for $ 500K Bitcoin". Work on this analytical material began back in January 2020, but then there was a short forced break due to the coronavirus epidemic, or rather, the large-scale crisis caused by it. But at the end of August, the report was completed and now anyone can read it.

However, the brothers are not the only ones who see the real prospects for bitcoin. A similar statement was made shortly before them by Michael Sailor, the head of MicroStrategy, which, according to him, plans to store bitcoins for at least the next 100 years. Which, in general, is natural, since MicroStrategy is the first public company that invested a significant part ($ 250 million) of its capital in BTC.

How justified the predictions of the Winklevoss brothers is a big question. On the one hand, all the benefits they are talking about in their report are real. On the other hand, forgetting about the famous bitcoin bubble, when BTC lost thousands of dollars in value almost every hour, will not work. On the third, it is not at all surprising when a person whose profit depends on the demand for a certain product praises him in every possible way, even somewhat exaggerating the real indicators. Therefore, most investors are still quite cautious about cryptocurrencies. Even so seemingly stable and reliable as bitcoin. In addition, the brothers believe that one of the factors behind the growth in the price of BTC is its possible use as a foreign exchange reserve at the country level. However, the current trends associated with the active introduction of digital currencies of central banks (CBDC) are contrary to this statement.

Published on the EXBASE based on materials from forklog.com