Bitcoin To Hit $500k – Winklevoss Twins Analyze The Case
There’s been a lot of speculation about the price of the most important coin out there these days and BTC traders are really confident in the digital asset’s prospects for this year.
There are various high profile investors and some of the biggest Wall Street giants who are currently backing BTC.
The price of the digital asset is up by more than 30% in the past half a year and BTC is now seen as a potential hedge against inflation – this is similar to gold.
The $500k prediction for BTC
The Winklevoss twins who founded the Gemini exchange are now using BTC’s similarities to gold to give it the following value: $500k for 1 BTC.
“Bitcoin has already made significant ground on gold,” Cameron and Tyler Winklevoss wrote in a lengthy blog post on Thursday, pointing to the bitcoin price rise from zero to “over $200 billion in market capitalization in under a decade.”
The market cap of above-ground gold is “conservatively $9 trillion,” according to the twins.
“If we are right about using a gold framework to value bitcoin, and bitcoin continues on this path, then the bull case scenario for bitcoin is that it is undervalued by a multiple of 45,” the twins wrote.
They continued and said: “Said differently, the price of bitcoin could appreciate 45x from where it is today, which means we could see a price of $500,000 per bitcoin.”
You should check out Forbes’ article in order to learn more details about what the twins believe about the most important digital asset.
At the moment of writing this article, BTC is trading in the green, and the coin is priced at $11,600.50.
Not too long ago, it’s been revealed that Bitcoin saw a rejection at $12,500, and now it’s been revealed that traders foresee two important scenarios playing out over the short term.
Olympic rower and cryptocurrency investor. Winklevoss is the co-founder of Winklevoss Capital Management, a blockchain venture capital firm. Winklevoss also co-founded the next-gen exchange, Gemini, where he now stands as CEO. The business mogul is currently seeking approval for a Bitcoin ETF Winklevoss Bitcoin Trust, having already launched WinkDex, a BTC Price Index that will price the ETF.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.