Gemini cryptocurrency exchange founders Tyler and Cameron Winklevoss said Bitcoin (BTC) will hit $ 500,000 per coin in a recent interview with podcast host Peter McCormack.
“The question on our mind is not so much whether it will hit $ 500,000, but how soon,” Tyler McCormack said on the October 23 podcast episode. His dissertation takes into account the market capitalization of gold and the theoretical allocation of the central bank. “I’d say $ 500,000 bitcoin is actually quite conservative and the game hasn’t even started,” noted Cameron.
MicroStrategy and others who are buying significant amounts of Bitcoin for their treasury reserves seem to indicate that the market is gradually changing. “What if all Fortune 100 or 500 companies do this, and when the central banks start?” Asked Cameron. “It didn’t even start,” he added, making an analogy that Bitcoin is at the bottom of first place in a nine innings baseball game.
“Wall Street isn’t here yet. Institutions are not currently in Bitcoin. It’s been a retail phenomenon for a decade. Wall Street is talking about it, they are aware of Bitcoin but they are not really involved from our point of view but it is starting to happen. “
The basis for the interview was a report published in August 2020 by Tyler and Cameron with the title: The case for $ 500K Bitcoin. The brothers started preparing the report in January 2020, Cameron said in an interview with McCormack.
“We thought about what the government has been doing with the US dollar and the traditional types of reserves and hedges over the past decade,” said Cameron. The twins stopped working on the report in March as COVID gained prominence around the world. They resumed the article a few months later after assessing the economic changes the virus had brought about.
Tyler said that he and his brother started buying BTC in 2012. One reason for the report was to assess the asset’s performance in the surrounding economy over the past decade.
While more and more optimistic forecasts for Bitcoin emerged in the course of 2020, some remained skeptical, such as the gold fanatic Peter Schiff.
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