Winklevoss Twins Believe Bitcoin Will Surpass Gold’s $7 Trillion Market Capitalization
The Winklevoss twins, two important and popular figures in the crypto space predict that Bitcoin (BTC) is going to surpass Gold’s market capitalization. Although we are far from this goal, they remain very bullish for the long-term.
Back on Monday, Cameron and Tyler Winklevoss, the co-founders of the Gemini crypto exchange, held an AMA – or AUA – on Reddit where they discussed the crypto market and virtual currencies.
One of the Reddit users asked the twins whether they keep the $40k prediction for Bitcoin. The twins answered that their thesis around Bitcoin’s potential for the future remains unchanged. They have also explained that BTC could eventually surpass gold’s market cap.
They wrote about it:
“Our thesis around bitcoin’s upside remains unchanged. We believe bitcoin is better at being gold than gold. If we’re right, then over time the market cap of Bitcoin will surpass the ~7 Trillion dollar market cap of gold.”
According to one of the users on Reddit, if Bitcoin reaches a $7 trillion market capitalization, each coin could be traded close to $333,333. However, at the time of writing, this price prediction seems very far from being a reality. Bitcoin is traded close to $4,000 after reaching $3,200 a few weeks ago.
Trace Mayer, an entrepreneur and Proof of Keys organizer, said that there is essentially no capital allocated to Bitcoin or digital currencies. He believes that there is a lot of institutional money that could be allocated into Bitcoin and cryptocurrencies in the near future.
Essentially no capital allocated to #Bitcoin or crypto-currencies.
Empty infinitely expandable wealth storage vessel to absorb capital flows. As sterile asset, $BTC price increase is wealth transfer from other assets. A black hole on the world's balance sheet. Will be legendary. pic.twitter.com/1ISjBrFLgS
— Trace Mayer [Jan/3➞₿🔑∎] (@TraceMayer) January 8, 2019
During the first quarter of 2019, several institutions and companies could start to invest in the digital currency space. There are firms that are building up infrastructure to receive new investments and funds from mainstream companies. One of these examples is Bakkt, a platform that is going to be launched by the Intercontinental Exchange (ICE) in the near future.
Cryptocurrencies have enormous potential. The Winklevoss twins talk about a successful Bitcoin that will be embraced by institutions and that would work as a store of value. If that happens Bitcoin could grow more than what many individuals and analyst expectations.