Winklevoss Twins are Optimistic for a New Crypto Market Bull Run Wave: Gold, Fidelity and 2017 Comparison
Recently the Winklevoss twins sat for an interview with Bloomberg Opinion columnist Barry Ritholtz. The twins, who run the Gemini Trust exchange, spoke about a variety of things including the next bull run, bitcoin replacing gold, and more.
The twins became well-known in 2010 for their portrayal in the movie “The Social Network,” which depicted their clashes with Mark Zuckerberg over the originator of the idea for Facebook. Since then, the 37-year-old brothers have started a self-regulatory organization to help crypto exchanges self-police.
When asked about the bull run of 2017, they replied:
“So 2017 we felt like, OK, we’ve seen this movie before. But each time the excitement gets ahead of itself, it tends to stabilize at a better floor than it was before. So instead of looking at the 52-week highs, look at the 52-week lows, and each of them is stepping up into the right direction. Now, the way we get there is kind of a wild ride in between.”
They think that there will another wave and it should be probably more exciting than the last one.
“Our view, at least with Bitcoin, is that it’s a digital gold. – Bitcoin’s market cap, I haven’t checked today but let’s say it’s a hundred million dollars, then gold is at seven trillion, if it’s better than gold it’s got to get that high.”
A renewed bitcoin bull run will be fueled by a maturing crypto market that could lure investors out of physical gold and into “digital gold.” If 10 percent of the gold trade were to shift into bitcoin, it would more than triple Bitcoin’s market cap.
Recently, Mike Novogratz had said:
“I think of gold as a store of value. Bitcoin provides a really interesting alternative to gold. Forget the other stuff that might come out of it. Forget the layer 2 solutions and payments and everything else. Just as its core, sovereignty should be expensive.”
The twins even commented about Fidelity moving into the crypto marketplace.
“I think it makes a lot of sense [Fidelity getting into crypto] and it’s a smart move. – The business case may not be there today but it will be there tomorrow and as these businesses work, getting there first is an advantage for sure. I think a lot of Wall Street got really close in 2017, and were about to take the plunge – but ended up backing away.”